Updates

The Greenhouse Gas Emissions Trading Scheme Auctioning (Amendment) Regulations 2021

  • Legal

Jurisdiction: UK

Commencement: 19th May 2021

Amends: The Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021 (SI 2021/484)

Mini Summary

The Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021 (SI 2021/484) establishes legal framework for auctioning of emissions allowances under the UK Emissions Trading Scheme (UK ETS).
The UK Emissions Trading Scheme (UK ETS) implements the principals of emissions trading by allocating and trading greenhouse gas (GHG) emissions allowances to participants of the scheme. These Regulations set out the legal framework to allow auctioning of emissions allowances.

Amendment

If a bidder has someone who is acting on behalf of themselves (a bidder representative), this representative no longer has to be established in the United Kingdom.

The calculation of the annual volume of allowances in accordance with regulation 9 (Annual volumes of allowances), can now be a reason for the modification or adjustment of the auction calendar.

Clarifications are made throughout the Schedule to change VAT references to United Kingdom VAT. Updates are also made to the definitions within the Regulations.

There are no changes in duties for organisations.

Link to full government text

 

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