UK to announce carbon floor price rules in April

The UK Treasury will set a legal framework in April to create a floor price for carbon emissions while announcing a wider plan for encouraging low-carbon investments.
 
The floor price is a substantial part of the government's electricity market reform (EMR) proposal as it puts a minimum tax on carbon-intensive power generation, which indirectly rewards producers of greener energy.
 
The government also announced on Tuesday in its Carbon Plan that it would award GBP1bn ($1.6bn) to Britain's first carbon-capture and storage (CCS) project by the end of this year and publish a second-round projects shortlist by May 2012.
 
CCS project developers in Britain are bidding for a share of a pot worth up to GBP9.5bn to find the most adequate technology for catching and burying climate-warming emissions from gas and coal-fired power plants.

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