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The Government is committed to carbon pricing as a decarbonisation tool following the transition period. In line with the Withdrawal Agreement, the UK will remain in the EU Emissions Trading System until 31 December 2020.
Alongside the EU ETS, the UK also applies the Carbon Price Support rate. Together, these have helped to reduce the importance of coal in the UK’s energy generation mix: electricity generation from coal usage has fallen from 40% in 2012 to 5% in 2018. Further detail on carbon pricing will be set out at the Budget.
Additionally, in November 2019, HM Treasury published Terms of Reference for its review into how the transition to a net zero economy will be funded, and where the costs will fall. The review will ensure contributions are fair between households, businesses and the taxpayer, and will allow us to maximise economic growth opportunities from the transition. The review will publish its findings in Autumn 2020.