Operating Mechanisms
Although mandatory, the CRC will involve self-certification of emissions, backed up by spot audits, as opposed to third-party verification. Emission allowances are to be auctioned rather than grandfathered (as was the case in the initial stages of the EU Emissions Trading Scheme). The original proposal envisaged a revenue recycling mechanism, however this was removed to support the public finances after the comprehensive spending review. The Government announced in the budget the allowance price of £12/tCO2 for the first sale. They have also suggested there should be two fixed price sales in the first year of the scheme.
Read more about this topic: CRC Energy Efficiency Scheme
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