Tradable Energy Quotas

Tradable Energy Quotas (TEQs) is a proposal for a national emissions and energy trading scheme that includes personal carbon trading as a central element.

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The scheme was developed by David Fleming, who first published the idea in 1996 under its earlier name Domestic Tradable Quotas (DTQs).

TEQs outline ^[1]

1. “Tradable Energy Quotas” (TEQs) is a system to enable nations to reduce their emissions of greenhouse gases along with their use of oil, gas and coal, and to ensure fair access to energy for all.

2. There are two reasons why energy-rationing may be needed:

 1. Climate change: to reduce the greenhouse gases released when oil, gas and coal are used.

 2. Energy supply: to maintain a fair distribution of oil, gas and electric power during shortages.

3. TEQs (pronounced “tex”) are measured in units.

4. Every adult is given an equal free Entitlement of TEQs units. Industry and Government bid for their units at a weekly Tender.

5. At the start of the scheme, a full year's supply of units is placed on the market. Then, every week, the number of units in the market is topped up with a week's supply.

6. If you use less than your Entitlement of units, you can sell your surplus. If you need more, you can buy them.

7. All fuels (and electricity) carry a “rating” in units; one unit represents one kilogram of carbon dioxide, or the equivalent in other greenhouse gases, released when the fuel is used.

8. When you buy energy, such as petrol for your car or electricity for your household, units corresponding to the amount of energy you have bought are deducted from your TEQs account, in addition to your money payment. TEQs transactions are automatic, using credit-card or (more usually) direct-debit technology.

9. The number of units available on the market is set out in the TEQs Budget, which looks 20 years ahead. The size of the Budget goes down year-by-year – step-by-step, like a staircase.

10. The Budget is set by the Energy Policy Committee, which is independent of the Government.

11. The Government is itself bound by the scheme; its role is to find ways of living within it, and to help the rest of us to do so.

12. TEQs are a national scheme, enabling nations to keep their promises, guaranteeing their carbon reduction commitments within whatever international framework applies at the time.

References

1. ^ 'Copied from www.teqs.net with permission granted'