Conclusions
The UK's National Audit Office and DEFRA's consultants ran reviews of the system in order to establish its basis and drew lessons from it.
They concluded that the scheme did achieve some emission reductions from the participants, although more could have been achieved had targets been more demanding.
- The 34 companies that participated took advantage of the incentive fund to pay for reduction measures, and in practice most were incentivised to make additional efforts to further cut emissions beyond their targets. They gained experience in pricing strategies and were prepared in advance of the start of the mandatory scheme.
- The companies that provided emissions trading brokerage and verification were able to establish their new businesses in the UK, and have since translated that first mover advantage to establish themselves on the European and wider international trading arena.
- DEFRA discovered the issues and practicalities of negotiating and setting baselines and running an auction process.
Read more about this topic: UK Emissions Trading Scheme
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