UK to lose €1.3bn in carbon revenues under no-deal Brexit

HM Treasury will miss out on at least €1.3bn in carbon returns from the EU emissions trading system (EU ETS) this year in the event of a no-deal Brexit, a climate thinktank has warned.

The not-for-profit organisation Sandbag also warned yesterday that Brexit delays have left UK power stations and industrial installations in limbo, unclear about which carbon price they will be paying post-Brexit.

Currently all EU ETS participants are required to monitor their emissions during each calendar year, and at the end of each reporting year surrender one emissions allowance for every tonne of carbon dioxide equivalent (CO2e) they have emitted.

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