The proposal for a personal carbon credit system has reportedly received approval from the country’s MPs, with the House of Commons’ environmental audit select committee saying that such a system could be useful to reduce the UK’s carbon footprint.
The new source reported that such a system would set a cap on every individual’s emissions, above which they will have to purchase extra credits in order to use more energy. People using fewer credits than the set limit will be able to sell them.
The secretary of state said that the costs of implementing this system would far outweigh the benefits. Mr Benn quoted from a government report that the cost of introducing personal carbon trading scheme will be between GBP700 million and GBP2 billion, while the costs pertaining to the operation of the system are expected to be in the range of GBP1 billion and GBP2 billion, annually.
Mr Benn noted that there could be possible difficulties in implementing a blanket scheme, as it would not be fair to such groups as rural residents. The secretary of state conceded that the idea was interesting, but was ahead of its time, with regards to its actual implementation, according to The Daily Telegraph.
