BEIS to double fines for breaching EU emissions trading regulations

The Department for Business, Energy and Industrial Strategy has doubled the CO2 price it uses to calculate penalties for companies found to have violated the Emissions Trading Scheme (ETS) Regulations.

Fines issued in 2020 for misreporting emissions regulated through the ETS will be calculated using a price of £21.93 per tonne of CO2, the department said in a communication issued last week. 

The new price is almost double the 2018 value of £12.61 per tonne of CO2, reflecting the surge in the EU’s carbon price following reforms designed to reduce the surplus of emissions allowances.

Regulation 49 of the ETS regulations requires fines each year to be calculated using the average emissions allowance futures price on the EU market over the previous year converted into sterling. 

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