Consultation Document: Greenhouse Gas Trading Scheme

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Laws and Policies

CCLW

CCLW national policies

The Greenhouse Gas Emissions Trading Scheme Order 2020

The Greenhouse Gas Emissions Trading Scheme (Amendment) Order 2022

Amended

Regulation made

This order established a new UK emissions trading regime as the successor to the EU Emissions Trading Scheme following the UK's Withdrawal from the European Union. The scheme applies to greenhouse gas emissions from power and heat generations, energy intensive industries, and aviation. The order provides details on the rules governing the issuance and surrender of "allowances" equivalent to emissions falling within the scope of the sceheme. A number of derogations from the general rules are created for hospitals and small and ultra-small emitters. A modified version of the EU Monitoring, Reporting and Verification scheme is also mandated under the legislation. The order also describes the different agencies responsible for the regulation of the scheme across the UK and provides for enforcement of the scheme and sets out the penalty regime for non-compliance. The first UKA auction took place in May 2021.&nbsp;

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

Renewable energy means all forms of energy produced from renewable sources in a sustainable manner.

Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives

A long-lived, colourless gas, chiefly emitted from fossil fuel combustion, deforestation and cement production.

Any compulsory, unrequited payment to the government levied on corporations or individuals. This can be for environmental reasons, such as introducing a Carbon tax to set a price that emitters must pay for the greenhouse gases they emit.

Activities that involve the cultivation of crops and raising of livestock for food, fibre, and other products essential for human life and industry.

Tradable permits are market-based tools that grant permission for specific activities, frequently used to regulate emissions. These permits can be issued within a trading system to manage environmental impacts.

Actions and measures to adapt and increase resilience of societies and the economy to climate change.

Either money or something of monetary value is transferred between two or more organisations, people or countries.

The release of heat-trapping gases, primarily from human activities such as burning fossil fuels, agriculture and industry.

This sector involves activities to move goods and people, alongside the storage of products.

Activities of businesses and institutions that provide financial services and products to individuals and organisations.

Consultation Document: Greenhouse Gas Trading Scheme

Policy instrument

Greenhouse gas

Economic sector

Adaptation/resilience

Finance