May 2024
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This conference focused on the UK Emission Trading Scheme (UK ETS).
Delegates discussed next steps for UK ETS implementation and maximising its effectiveness as a key constituent of the UK’s net zero strategy.
It was an opportunity to discuss priorities for policy and addressing challenges for industry, including plans to expand the UK ETS to incorporate domestic shipping and energy from waste.
Key stakeholders and policymakers examined issues for market design, risk identification, and the Auction Reserve Price, as the Government considers responses to the UK ETS: Future Markets Policy and Free Allocation Review.
They also discussed competitiveness in key UK industries, in the context of the Free Allocation Review, with DESNZ seeking views on plans to identify and reduce carbon leakage, and to implement better plans for free allocation of emissions allowances.
Further sessions explored implications of the forthcoming Carbon Border Adjustment Mechanism (CBAM) expected in the UK by 2027, and the EU CBAM taking effect in 2026, which will bring in tariffs on carbon-intensive imports.
It was also an opportunity to assess recommendations for improving the efficacy of the UK ETS and mitigating potential negative impacts emerging from market developments and external policies such as the EU CBAM. We expected discussion on linking and collaborating with other emissions trading schemes around the world to support UK industry.
We are pleased to have been able to include keynote sessions with: Charlie Lewis, Deputy Director, Emissions Trading, DESNZ; Nicholas Thurston, Industrial Decarbonisation and Market Mechanisms Manager, Environment Agency; Bridget Beals, Head of Decarbonisation, Climate and Nature, KPMG; and Professor Simone Borghesi, Director, Climate Research Group, Florence School of Regulation.
The conference was an opportunity for stakeholders to consider the issues alongside key policy officials who attended from CAA; CCC; Defra; DHSC; DESNZ; DfT; DAERA, NI; CCS; DBT; Department for Communities, NI; Department for the Economy, NI; DLUHC; DoF, NI; DWP; DSIT; EA; Transport Scotland; ONS; DECC, ROI; DfE; GLD; HMRC; HM Treasury; Homes England; HSE; Isle of Man Government; MCA; Natural Resources Wales; NIC; NIEA; NRW; OBR; UKEF; UKIB; The Scottish Government; and the Welsh Government; as well as parliamentary pass-holders from both Houses of Parliament.
