This is a scaled claim. It will pay 1 if the UK meets the 2010 CO2 target of 474 million tonnes of CO2. According to the latest available figures the UK polluted 561 million tonnes in 2006; i.e. 87 million tonnes above target. If pollution in 2010 is above the target the claim will pay the fraction of this gap that has been closed; i.e. (561-X)/87, where is X is pollution in 2010. If pollution in 2010 exceeds 561 million tonnes the payout will be zero. The claim will be judged on the basis of the official figures that are released by DEFRA, the government department in charge of the UKs greenhouse gas accounting according to Kyoto protocol standards. Those figures are usually reported with a two year gap. This claim will not be affected by the UK government changing its target or DEFRA changing its estimate of the 1990 or 2006 pollution levels.
References:
- DEFRA web page
- Latest figures
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