FILE PHOTO: Drax power station is pictured during the sunset in Drax, North Yorkshire, Britain, November 27, 2020. REUTERS/Lee Smith/File Photo
LONDON (Reuters) – Britain will auction 80.5 million carbon permits it 2022 ICE (NYSE:ICE), which is hosting the auctions, said in a market notice on Wednesday.
The auctions are part of Britain’s emissions trading system (ETS), which charges emitters such as power plants and industrial factories for each tonne of carbon dioxide they emit.
The ETS is part of the country’s plan to reach a net zero carbon emissions target by 2050.