Last week, the U.K. became the first country in the world to introduce a legally-binding framework to cut GHG emissions, while executing other policies to spur the adoption of clean technologies, Red Herring reports.
Of the three energy bills, the Climate Change Bill commits the U.K. to reduce GHG emissions by 80 percent by 2050 based on 1990 levels. From now till 2050, the government will introduce “carbon budgets” every five years to outline how emissions targets will be met and plans to phase in corporate emissions reporting.
The second piece of the legislation, the Energy Bill, aims to drive development of new civil nuclear power, expand the use of renewables and push clean technologies such as carbon capture and storage and smart meters.
The final piece of the legislation, the Planning Bill, deals with energy efficiency in homes and simplifies planning permissions for all large energy infrastructure projects.
In November, the U.K. government reaped about $81 million from sales of 4 million permits, which allow buyers to emit carbon under the EU’s emissions trading scheme.