Britain and the European Union will work towards linking their respective carbon markets as part of a wider reset in relations, they said on Monday, leading to a 6% rise in British carbon prices.
Both the EU and UK charge power plants and other industrial entities for each metric ton of carbon dioxide they emit as part of wider efforts to cut emissions and reach climate targets.
“Closer co-operation on emissions through linking our respective Emissions Trading Systems will improve the UK’s energy security and avoid businesses being hit by the EU’s carbon tax due to come in next year,” a UK government statement said.
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