LONDON (Bywire News) - The Emissions Trading Scheme authority has revealed that participants of the ETS have given up allowances equating to over 99% of emissions in 2021, the year the operation launched.
On Wednesday evening, the ETS authority said that since May 1, a total of 107,858,729 allowances had been provided to cover the total emissions for 2021 consisting of 107,862,714 tonnes of CO2 equivalents.
It went on to say that all those participating must surrender allowances equal to their recorded emissions for the 2021 scheme year by April 30.
According to an overseeing body, the less than 1% of people who fail to comply with the surrender regulations will face a fine.
Since Jan 1 2021, the UK ETS has been fully operational, as a substitute for Britain's involvement in the European Union's ETS. Its first phase ends in 2030.
(Reporting by Nora Buli in Oslo; Editing by Edmund Blair and Klaudia Fior)