The European Union launched the EU Emissions Trading System (EU ETS) in 2005 in order to decrease emissions of carbon dioxide (CO2) and other greenhouse gases at least cost. By establishing a price on carbon and giving an economic value to the tonnes of emissions saved, the EU Emission Trading Systems enhances companies to invest in clean and low-carbon technologies. According to this system, European companies can buy and sell emission allowances as needed.
Following the endorsement by the Climate Change Committee of the amendment to the EU ETS Registry Regulation to implement safeguard measures to protect the environmental integrity after Brexit, the UK adopted a law on 27 December 2017 by which the compliance deadline for 2018 emissions has been advanced to 15 March 2019.
This news follows the previous amendment in November by the EU MS which included measures that limited the use of allowances issued by the United Kingdom. The so-mentioned amendment was made without the intention to prejudice further agreements in the negotiations between the EU and the UK.
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