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IETA comments on EU referendum result

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Hydrocarbon Engineering,

The UK referendum result has been a great shock to markets everywhere, including the EU carbon market. The International Emissions Trading Association (IETA) respects the decision of the UK electorate. It aims to assist in ensuring that the transition is made in a way that preserves climate ambition and market continuity.

As the UK and European Union embark on the process of unwinding the links between them, IETA hopes that Britain will continue to offer the strong support for market-based responses and ambition to climate change that it has provided for many years.

The Brexit verdict does not mean that the UK cannot continue to play a central role in the carbon market. IETA notes that there are legal precedents for non-EU member countries to participate in the EU ETS.

IETA is happy to work with all stakeholders to ensure that the EU’s carbon market is strengthened and sustained through both the UK/EU negotiations as well as the present Phase 4 review.

Continuity is vital to maintaining the integrity of the market, and it is also critical to maintaining the global momentum from the Paris climate talks last December. Climate ambition requires global cooperation, including through the markets and financing where the UK has shown global leadership. We urge the new UK leadership to make it a priority to build on these achievements.

Adapted from press release by Rosalie Starling

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