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Update on carbon leakage mitigations
16 May 2022
Type
Written Ministerial Statement
Department
Treasury
At a Glance
Issue Summary
The statement discusses measures to mitigate carbon leakage as the UK transitions towards net zero emissions.
Action Requested
The Government intends to consult later in the year on a range of carbon leakage mitigation options, including product standards and a carbon border adjustment mechanism (CBAM).
Key Facts
- The UK is developing its Emissions Trading Scheme (ETS) to become the world’s first net zero carbon cap and trade market.
- During the COP26 presidency in 2021, over 90% of the global economy committed to net zero targets.
- Government is considering domestic action to mitigate future carbon leakage risk through policies such as product standards and a CBAM.
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