The United Kingdom (UK) has an emissions trading scheme, but it recognises that emission prices produced by the scheme aren’t appropriate for decisions that lock in carbon emissions.⁹⁵ Since 2009, the UK has used carbon values to assess policy proposals. These values are based on estimates of the costs to society of achieving carbon-emission targets. Like New Zealand, the UK recently adopted a target of net-zero carbon emissions by 2050. To be consistent with its new target, the UK government has recently announced a new carbon value of £245 per tonne for 2021 and an intention to increase it to £378 per tonne by 2050.⁹⁶ Converted to New Zealand dollars, these are equivalent to NZD$475 per tonne and NZD$733 per tonne respectively.⁹⁷