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UK proposes own carbon market to replace EU's

- The proposal includes plans to reduce existing emissions cap by 5%, going further than the current EU system

home > Regulation, Europe 02.06.2020 11:51 Ebru Şengül

UK proposes own carbon market to replace EU's

The UK Government has proposed a new UK-wide Emissions Trading System (ETS) to replace the EU system, the UK Department of Business, Energy & Industrial Strategy (BEIS) announced Monday.

The system – designed by the UK Government jointly with the Scottish Government, Welsh Government and Northern Ireland Executive – includes plans to reduce the existing emissions cap by 5%, going further than the current EU system, the department said.

It stressed the new scheme would replace the EU ETS, which the UK will leave at the end of this year as the transition period ends for the UK to leave the EU.

However, the UK would be open to considering a link between a UK ETS and the EU ETS, "if it suits both sides’ interests," which is subject to the ongoing trade negotiations between the UK and EU, the department noted.

Once a new system is up and running the government intends to go even further by amending the cap again in line with its net-zero target.

"The UK is a world-leader in tackling climate change, and thanks to the opportunities arising as we exit the transition period, we are now able to go even further, faster," Energy Minister Kwasi Kwarteng, was quoted as saying.

Kwarteng asserted that this new scheme would provide a smooth transition for businesses while reducing the UK's contribution to climate change.

The department noted that elements of the new ETS will be familiar to operators and are designed to ensure a seamless transition at the end of the year.

Around a third of UK emissions and around 1,000 UK factories and plants are currently covered by the EU ETS and will continue to be covered by the UK system.

According to the department, the approach to free allocation of allowances under the new system will be consistent with what operators will expect under the EU ETS.

By Ebru Sengul Cevrioglu

Anadolu Agency

energy@aa.com.tr



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- Offshore wind installations have grown from 3.4 GW in 2015 to 6.1 GW 2019, says Global Wind Energy Council
12.08.2020 Wind , Renewable , World

Brent oil up with estimated decline in US crude stocks

- Forecast of US crude inventory fall signals increase in US oil consumption
12.08.2020 Oil , Oil , Europe , Eurasia , Asia , Americas

Spot market electricity prices for Tuesday, August 11

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 182.06 million Turkish liras
10.08.2020 Electricity , Thermal , Electricity

Iraqi central government to import electricity from KRG

-Move comes after protests against energy shortages in Baghdad and other southern provinces throughout summer
10.08.2020 Electricity , Middle East-Africa

Spot market electricity prices for Saturday, August 8

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 176.34 million Turkish liras
08.08.2020 Electricity , Electricity , Turkey

Spot market natural gas prices for Thursday, August 6

- 1,000 cubic meters of natural gas on spot market costs 1,395 Turkish liras
08.08.2020 Natural Gas , Natural Gas , Turkey

Oil prices up as US oil inventories fall

- Weakening dollar index raises oil prices making oil cheaper for foreign exchange holders
07.08.2020 Oil , World , Americas , Middle East-Africa

US crude oil inventories post sharp fall

- Commercial crude oil stocks fall by 7.4 million barrels, exceeding market forecast of 3 million barrel decrease
07.08.2020 Oil , World , Europe , Americas , Middle East-Africa

Oil prices up amid increasing concerns in Middle East

- Tensions in Lebanon have sparked uncertainty about oil supply in Middle East, world's largest oil producing region accounting for around 15% of global outpu
06.08.2020 Upstream , Oil , Europe , Americas , Middle East-Africa

Poland's anti-monopoly watchdog fines Gazprom

- UOKIK sanctions Gazprom, Engie Energy, Uniper, OMV, Shell and Wintershall
05.08.2020 Natural Gas , International Organization , Europe

Spot market electricity prices for Thursday, July 30

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 161.8 million Turkish liras
30.07.2020 Electricity , Electricity

Spot market natural gas prices for Tuesday, July 28

- 1,000 cubic meters of natural gas on spot market costs 1,387 Turkish liras
30.07.2020 Lng/Lpg , Natural Gas

Renewables topple fossil fuels in Europe in 1H20

- Renewables generate 40% of electricity in 27 European countries while fossil fuels produce 34%
28.07.2020 Hydro , Renewable

Spot market natural gas prices for Wednesday, July 22

-1,000 cubic meters of natural gas on spot market costs 1,270 Turkish liras
24.07.2020 Lng/Lpg , Natural Gas

Canada's oil production hits lowest level since 2016

- Oil production falls by 700,000 barrels per day in April, and by another 640,000 barrels per day in May
20.07.2020 Upstream , Oil , International Organization , Americas

De-growth only solution to tackle climate change: Expert

- Restraining population growth, consumption per capita is way to tackle climate change, climate scientist tells Anadolu Agency
19.07.2020 Finance , Renewable , World

Turkey's daily power consumption up 7.5% on July 16

- Turkey's electricity exports amount to 6,707 megawatt-hours, while imports reach 2,640 megawatt-hours
18.07.2020 Electricity , Thermal , Electricity

Novatek’s gas sales drop by 9.9% in 2Q20

- Natural gas sales volumes in Russia in 2Q20 amount to 14.43 bcm, whereas international sales of LNG reach 2.47 bcm
15.07.2020 Natural Gas , Natural Gas , Eurasia

EC approves establishment of Middle East Cybersecurity

- Joint venture will be active in marketing and sales of defensive cybersecurity products & services in Saudi Arabia and MENA
14.07.2020 Oil , Europe , Middle East-Africa

Spot market electricity prices for Tuesday, July 14

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 145.91 million Turkish liras
14.07.2020 Electricity , Turkey

Spot market natural gas prices for Sunday, July 12

-1,000 cubic meters of natural gas in spot market costs 1,286 Turkish liras
13.07.2020 Natural Gas , Turkey

Turkey's daily power consumption down 9.5% on July 12

- Turkey's electricity exports amount to 2,581 megawatt-hours, while imports total 10,256 megawatt-hours
13.07.2020 Electricity , Electricity

Oil prices up for week ending July 10

- Oil prices gain after US oil rig count reached its lowest level since June 2009 on Monday
11.07.2020 Oil , Oil , World , Europe , Asia , Americas

Spot market electricity prices for Friday, July 10

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 148.73 million Turkish liras
10.07.2020 Electricity , Electricity

Spot market natural gas prices for Wednesday, July 8

-1,000 cubic meters of natural gas in spot market costs 1,292 Turkish liras
10.07.2020 Natural Gas , Natural Gas

Over 50% of EBRD annual investment to go green by 2025

- Bank's average green finance ratio rose from 25% to 40% in past 5 years, statement says
09.07.2020 Finance , Renewable , International Organization , World

EU sets hydrogen and energy system integration strategy

- As EU aims to be climate-neutral by 2050, strategies fall short of needed changes, expert says
09.07.2020 Finance , Renewable , Europe

ENI revises down Brent price forecast by $10 for 2023

- For 2020-2022 period, Italian energy firm forecasts Brent at respectively $40, $48 and $55 per barrel
08.07.2020 Natural Gas , Oil , Oil , Europe

Turkey to open 1st domestic solar panel factory in Aug.

- A country without energy cannot talk about being civilized, says Turkish President Recep Tayyip Erdogan
07.07.2020 Solar , Renewable , Energy Projects , Turkey

Turkey's flag carrier stretches its wings for nature

- Turkish Airlines saves soil larger than 60 football fields, prevents cutting of 3,648 trees by recycling its waste in 2019
06.07.2020 Renewable , Turkey

US oil rig count falls for sixteenth consecutive week

- Over the past 16 weeks, the decline in the US oil rig count totaled 498, according to Baker Hughes
04.07.2020 Oil , Americas

Clean energy innovation vital to meet net zero emissions

- Reaching international energy and climate goals requires a sharp acceleration in clean energy innovation, a new report says
03.07.2020 Finance , Projects , Renewable , World

Lebanon may face power cuts due to economic crisis

- Country has been unable to produce 24-hour electricity since civil war between 1975-1990
01.07.2020 Electricity , Electricity , Middle East-Africa

Turkey to realize one of largest environmental projects

- Turkey will resolutely continue to actualize $365M environmental project, says Erdogan
29.06.2020 Finance , Renewable , Turkey

5 major oil firms sued for causing climate change

- US Attorney General for Columbia District says companies misled consumers and discredited climate science in pursuit of profits
28.06.2020 Oil , Oil , Americas

BP invests $5M on software to detect methane leaks

- Move is part of company’s goal to become a net zero company by 2050
24.06.2020 Oil , Europe

Spot market natural gas prices for Sunday, June 21

- 1,000 cubic meters of natural gas in spot market costs 1,457 Turkish liras
23.06.2020 Natural Gas , Natural Gas

Spot market electricity prices for Tuesday, June 23

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 153.6 million Turkish liras
23.06.2020 Electricity , Electricity

Spot market natural gas prices for Thursday, June 18

- 1,000 cubic meters of natural gas in spot market costs 1,461 Turkish liras
20.06.2020 Natural Gas , Natural Gas , General

OPEC, allies stress full conformity with oil output cut

- 4 OPEC members also agree to voluntarily lower total oil production by 1.2 million barrels a day in June to support prices
19.06.2020 Upstream , Oil , International Organization , Middle East-Africa

World needs fossil lockdown to avoid climate crisis

- CO2 emissions need to decrease annually by at least 7.6% over the next 10 years to be aligned with Paris climate agreement
18.06.2020 Finance , Renewable , World

Turkey's daily power consumption up 17.7% on June 15

- Turkey's electricity exports amount to 1,061 megawatt-hours, while imports total 11,028 megawatt-hours
16.06.2020 Electricity , Turkey

Iraq to boost oil exports to 2.8M barrels daily in June

- Kurdish Regional Gov. to export maximum of 370,000 barrels per day, starting in June to help Iraq comply with OPEC+ quota
16.06.2020 Upstream , Oil , Middle East-Africa

British energy giant BP lowers its oil price outlook

- Company lowers its price assumptions down by around 30%
16.06.2020 Oil , Oil , Europe
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