The Greenhouse Gas Emissions Trading Scheme (Amendment) (No. 2) Order 2024
Date: 2024-12-19 10:05
Source: UK New Legislation
Summary
The Greenhouse Gas Emissions Trading Scheme (Amendment) (No. 2) Order 2024 is a statutory instrument that amends the Greenhouse Gas Emissions Trading Scheme (Amendment) Order 2023.
The main changes introduced by the Order are:
- The addition of a new Annex II to the Order, which sets out the list of activities that are included in the emissions trading scheme.
- The amendment of Annex III to the Order, which sets out the list of activities that are exempt from the emissions trading scheme.
- The amendment of Annex IV to the Order, which sets out the list of activities that are subject to a reduced rate of emissions trading.
Key Changes
Annex II – List of Activities Included in the Emissions Trading Scheme
The following activities have been added to Annex II:
- The combustion of biomass for the production of electricity and heat.
- The combustion of carbon dioxide for the production of urea.
- The production of hydrogen from fossil fuels.
Annex III – List of Activities Exempt from the Emissions Trading Scheme
The following activities have been added to Annex III:
- The use of biomass for the production of electricity and heat.
- The use of carbon dioxide for the production of urea.
- The production of hydrogen from renewable energy sources.
Annex IV – List of Activities Subject to a Reduced Rate of Emissions Trading
The following activities have been added to Annex IV:
- The combustion of biomass for the production of electricity and heat.
- The combustion of carbon dioxide for the production of urea.
- The production of hydrogen from fossil fuels.
Impact of the Changes
The changes introduced by the Order will have a number of impacts on the emissions trading scheme, including:
- The inclusion of a wider range of activities in the emissions trading scheme will increase the coverage of the scheme to more than 60% of the country’s greenhouse gas emissions.
- The exemption of certain activities from the emissions trading scheme will reduce the costs of compliance for those activities.
- The reduction of the emissions trading rate for certain activities will also reduce the costs of compliance for those activities.
Conclusion
The Greenhouse Gas Emissions Trading Scheme (Amendment) (No. 2) Order 2024 is a significant change to the emissions trading scheme. The changes introduced by the Order will have a number of impacts on the scheme, including the inclusion of a wider range of activities, the exemption of certain activities, and the reduction of the emissions trading rate for certain activities.
The Greenhouse Gas Emissions Trading Scheme (Amendment) (No. 2) Order 2024
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