On 22 April 2021, there was published on the legislation.gov.uk website The Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021 together with an explanatory memorandum. The statutory instrument makes provision for the auctioning of emissions allowances to emit 1 tonne of carbon dioxide equivalent under the UK Emissions Trading Scheme (UK ETS) and introduces mechanisms to support market stability in this new scheme. The UK ETS was established by the Greenhouse Gas Emissions Trading Scheme Order 2020 as a UK-wide greenhouse gas emissions trading scheme to encourage cost effective emissions reductions which will contribute to the UK’s emissions reduction targets and net zero goal.