Evaluation of the UK Emissions Trading Scheme Phase 1 report

Summary

The UK Emissions Trading Scheme (UK ETS), a 'cap and trade' system established in January 2021, aims to drive cost-effective greenhouse gas reductions to meet the UK's climate targets and prevent carbon leakage. This Phase 1 evaluation report, published in December 2023, provides early findings on the scheme's processes and market operation, covering approximately a quarter of the UK's domestic emissions. The scheme is currently in progress, with further impact analysis planned for Phase 2 to assess its effects on carbon abatement and economic activity.

Key Facts

Source Document

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