UK says will not use carbon revenues for climate - Reuters

[Eugene]

Source: Reuters

UK says will not use carbon revenues for climate
Mon Oct 22, 2007 2:16pm EDT

LONDON (Reuters) - Britain will not use money the
government gets from auctioning carbon emissions
permits to help it in the fight against climate
change, it said on Monday.

Selling carbon emissions permits to businesses
participating in Europe's carbon trading scheme
could raise 60 billion euros ($85.24 billion) a year
for European Union governments from 2013,
Deutsche Bank estimates, and businesses are
already lobbying for a slice of the windfall.

But Britain will pool any revenues into the general
government budget, rather than earmark, or
hypothecate, them to particular causes in advance.

"The UK will not be hypothecating auction
revenue to a specific area of expenditure," the
government said, in response to advice from an
environment committee of British lawmakers.

That committee had recommended that Britain
spend the money on measures to curb climate
change.

-snip-

Read more: http://www.reuters.com/article/environmentNews/idUSL2241519520071022

[hatrack]

1. Super! Now they can build more roads and runways with it!

:evilgrin: