Member

As I said, the UK Emissions Trading Scheme plays a key part in the Government’s maritime decarbonisation strategy and decarbonisation strategy overall. It sets a cap on emissions in the sectors covered, which, following the inclusion of the domestic maritime sector, will represent roughly 26% of the UK’s total emissions. This guarantees that the covered sectors, which are set to include the domestic maritime sector, as I have mentioned, will reduce their emissions in line with our world-leading net-zero target. We expect the UK ETS to be an effective leader to help reduce maritime emissions, alongside a number of key policies, including £448 million of funding for marine decarbonisation, which I will return to in a moment, through the UK Shipping Office for Reducing Emissions. By setting a clear trajectory for emissions from the covered sectors and driving green investment as part of our industrial strategy, an expanded UK ETS will continue to help deliver a just transition, growing the UK’s economy and securing good jobs for people across the country.