The Government has held Europe's first carbon allowance auction in Phase II (2008 - 2012) of the EU Emissions Trading Scheme (EU ETS). Four million allowances were sold at a total value of £54m excluding VAT, or £13.60 per allowance.
The EU ETS puts a cap on emissions from around 12,000 installations throughout the EU, including the energy and heavy industrial sectors. These sectors are collectively responsible for close to half of the EU's emissions of carbon dioxide.
