UK Carbon Permits
The UK has received a billion Euros in carbon permit auctions, which should help increase the green projects that the government is able to spearhead in the near future. The billion Euros in revenues were produced by selling off carbon permits to businesses that are responsible for pollution emissions, and over the next decade stand to make billions more every year according to research that was published last week. However, what is disturbing is that despite urging from the EU, so far none of these revenues have been used to spearhead any green projects within the country.
In fact, last Thursday alone the UK netted about 63 million Euros from the auction of pollution permits, which was the first cash it saw in two weeks after hackers were able to get into the carbon trading system and stole about forty million Euros. Over the course of 2011 the Government plans to conduct five more auctions in an effort to sell 17.5m permits, which should net them about 260 million Euros at the current rate. After 2013, it is predicted that the government could earn eight billion Euros in just pollution permit sales according to predictions from the Carbon Trust.
