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Government make 1bn euros from auctioning EUAs

To download this report click here.

Between 19 November 2008 and 10 February 2011 the UK Government has auctioned over 77m EU Allowances. The revenue generated from auctioning these allowances is over the €1bn and projections show that this revenue is due to increase significantly, reaching up to €64bn by 2020. At the moment this money goes straight to the Treasury.

Earmarking this revenue (i.e. devoting a particular part of it for a specific expenditure) for green projects is something that the European Commission has proposed but that the UK Government has not yet adopted.

Making polluters pay the price of their carbon emissions through the EU Emissions Trading Scheme is certainly a positive step toward reducing emissions, but this report questions whether the UK Government will be as fully committed to mitigating climate change when it comes to spending the money. 

The report includes: information on the revenue generated so far; future projections of revenue generated by 2020; the European Commission’s Directive on earmarking; examples of where earmarking has been used successfully; and suggestions for uses of the revenue.

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