BRUSSELS (Reuters) - The European Commission approved on Tuesday state aid involved in a British scheme for trading carbon dioxide emissions, part of the country's effort to fight global warming.
Under the Carbon Reduction Commitment scheme, which applies to non-energy intensive sectors, emission allowances would be sold by auction while participants' environmental performance would be ranked in a league table.
The auction revenue would be paid back to participants as a subsidy, with companies topping the performance list benefiting most. The scheme includes entities not covered by the existing European Union trading system.
The Commission, which monitors whether government subsidies are compatible with EU rules, said the program involved permissible state aid.
"The aid has been declared compatible with the (EU) treaty ... because it pursues an objective of common interest in a necessary and proportionate way," it said in a statement.
(Reporting by Marcin Grajewski; Editing by Dale Hudson)
EU approves state aid for British CO2 scheme
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