UK first in Europe to conduct Phase II carbon credit auction

The auction of four million allowances will take place on 19 November between 8am and 10am.

Experts say the increased amount of auctioned credits will reduce distortions in the market: “Auctioning these allowances marks an important step forward in developing a system where market forces create financial incentives for major carbon emitters to reduce their emissions,” says government environment minister Phil Woolas.

The auction will also be a first for the UK, as allowances were originally

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