Sandbag recently released this article reviewing emissions targets and what action has been taken in the UK. They look at what is really going on in emissions trading and encourage lobbying to ensure fewer permits are handed out. They also buy up the permits already on the market, and destroy them.
“With little fanfare, the UK government cancelled 36 million tonnes of carbon pollution rights in May. These carbon allowances relate to the UK’s carbon budgets and cover emissions outside the ETS that could otherwise have been banked forward into future budgets. With the stroke of a pen this eliminates more greenhouse gas emissions than the country’s two largest coal-fired power stations emit each year. At Sandbag we’re hopeful that this act, plus cancellation of HFC carbon credits in the Netherlands, on the Shenzhen carbon market, and others, sets a precedent for the cancellation of enormous surplus of allowances on the EU ETS.”