The UK Government has proposed a new Emissions Trading System (ETS) to replace the EU system for trading carbon emissions.
Policymakers suggest the new process will help accelerate climate change, encourage polluters to reduce the amount of greenhouse gases they emit and be even more ambitious than previous versions to ensure the UK is aligned with its commitment to reach net zero by 2050.
The ETS works by capping the total amount of greenhouse gases that can be emitted by certain sectors, such as steel, power and aviation - after each year, companies in these sectors must surrender enough carbon allowances to cover their emissions or face fines.
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