Some of the world’s largest energy companies have called on the UK to adopt a carbon trading system and to reject plans for a tax after the Brexit transition ends, arguing that tradeable credits are the most efficient way to cut pollution, in a letter to Prime Minister Boris Johnson, companies including RWE.
FT 24th Nov 2020 read more »
Leading energy companies have urged the UK to embrace carbon trading after the Brexit transition period concludes and not adopt a carbon tax instead. In a letter to Boris Johnson, the group, which includes firms such as RWE and Uniper, said that tradable carbon credits remain the best way of cutting emissions. At the moment, the UK is a member of the EU’s carbon trading system, which allows members to buy and sell credits allowing it to emit a certain amount of carbon. Although the government has said that it backs the development of a UK emissions trading system that can be linked to the EU’s, it is also mulling the introduction of a carbon tax if a deal cannot be agreed by 1 January. In the letter, which was seen by the FT, the firms said: “The evidence is clear — emissions trading is a tried and tested method for reducing emissions in a market-friendly way.
City AM 24th Nov 2020 read more »
Ahead of today’s Spending Review the government is facing fresh calls to reform the UK’s carbon pricing regime in support of the net zero transition. Yesterday, a group of 50 leading businesses, campaign groups, and academics submitted a declaration to the Prime Minister, Chancellor, and COP26 President calling for the government to commit to incorporating carbon pricing as part of its updated national climate plan, which is due to be submitted to the UN in the coming weeks.
Business Green 25th Nov 2020 read more »