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The Greenhouse Gas Emissions Trading Scheme (Amendment) Regulations 2007
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- 2007 No. 465
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Greenhouse Gas Emissions Trading Scheme Regulations 2005 (“the 2005 Regulations”) which provide a framework for a greenhouse gas emissions trading scheme and implement Directive 2003/87/EC of the European Parliament and the Council establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC (the “Emissions Trading Directive”).
These Regulations provide that the Secretary of State may allocate allowances for the first phase of the scheme (2005 to 2007) by way of auction or sale. The Secretary of State is permitted to enter into agreements with persons who hold accounts in the emissions trading registry to transfer allowances to those persons in exchange for payment (regulations 21A and 46 of the 2005 Regulations, as inserted by these Regulations).
A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.
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