The UK's first auction of carbon trading allowances will take place on November 19, making it the first European country to hold an auction in Phase II of the EU Emissions Trading Scheme. A UK Treasury spokesman said this month that the number of allowances for the November auction would be announced in a month's time. Some 85 million allowances, or 7% of the UK's allowance cap under its National Allocation Plan for Phase II, will go on the block between 2008 and 2012. It is likely a greater proportion of EU Allowances will be auctioned for 2008, relative to the other years. In July, however, the UK government proposed selling 23 million metric tons worth of allowances this year.
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