EU Legislation, Initiatives, etc.
Defra: The UK has confirmed that it will cancel the remaining allowances in the Phase I New Entrant Reserve. The total number of allowances remaining, after all applications had been received, was approximately £5.9m allowances.
The UK is committed to building on the EU ETS as its main way of pricing carbon in the economy, to ensure emissions are effectively limited and combat the serious threat of climate change. The first phase ran from 2005-2007. The second five year phase started on 1 January 2008 and runs until the end of 2012.