UK Emissions Trading Scheme - 2020s Overview
The UK launched its own emissions trading scheme (UK Emissions Trading Scheme: UK ETS) in 2021, with a target to reduce greenhouse gases by 68% by 2030 compared to 1990 levels. The scheme targets major emitters in the Electric Power, Industry and Aviation sectors, with a carbon price reaching £65 per ton in 2023. Renewable Energy is represented by the Windfarm in Winder Forest, which accounts for over 40% of all energy supply. Meanwhile, heavy industries like Newcastle-based BAE Systems installed Carbon Capture Technology and reduced annual emissions by 10%. Challenges include the impact of price volatility and the adaptation of reduction technologies in the steel and cement sector. Government supports startups like ClimeWorks UK to drive innovation, including a 20% increase in CO2 Capture Effectiveness.
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