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Description
The report advocates a national system of carbon allowances called Tradable Energy Quotas. With this policy framework in place, Britain could become zero-carbon by 2027. To remain in-line with the international policy frameowrk, Britain like all nations the world, would have its own individual national cap on emissions, based on first-year emission levels. The achievability of our energy descent is dependant upon our ability to transform the economy from one which is constrained by money, as the situation stands today, into one where the overriding constraint is carbon – TEQs would achieve this aim. Once realised, the most economically effective transactions for all businesses and consumers would be those which embodied the lowest emissions. In other words, the financially conscious would also be the environmentally conscious, with no conflicting motives between the two. The entire economy would transform into an engine for rapid change – a race out of carbon. Domestically, Britain’s carbon quota would be distributed as Tradable Energy Quotas (TEQs). Individuals would receive TEQs for free while business and industry would purchase TEQs through a weekly auction. The amount of TEQs available in the economy would reduce in line with the national cap on carbon emissions (derived from the C&C model), driving businesses and individuals to move towards ‘zero-carbon’ activities. Read more summaries...
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