UKPIA has published a detailed briefing paper on Phase III of the EU Emissions Trading Scheme                                                

Major changes are being made to the EU ETS for 2013-2020. UK and EU oil refineries are exposed to international competition as defined by the directive and are eligible for free allowances. Free allowances are necessary to compete with non-EU locations for the new investment required to stay in business, and to provide secure supplies of oil products to UK and EU consumers. In a globally competitive market, the delivery of this investment for UK refineries will have to be underpinned by a sound business case, along with a clear, stable and complementary policy background.

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