• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 10 hours How Far Have We Really Gotten With Alternative Energy
  • 11 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 3 days Bankruptcy in the Industry
  • 1 hour Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days The United States produced more crude oil than any nation, at any time.
Could the Conflict Between Iran and Israel Turn Nuclear?

Could the Conflict Between Iran and Israel Turn Nuclear?

Iran's potential retaliatory measures following…

UK Energy Giants Back Carbon Trading Over Carbon Tax

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 them 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.

“Opting for a UK emissions trading system would reaffirm the UK as a climate leader, and show that the UK remains a strong advocate for international carbon markets.

Related: EIA Sees WTI Crude Averaging $44 In 2021

“We believe that a UK ETS (emissions trading system) is the most efficient, cost-effective, and transparent mechanism for achieving the UK’s climate goals”, it concluded.

It said that levying a tax on carbon would not have sufficient flexibility, nor would it raise more taxes. 

The EU’s ETS has been in place since 2005. In recent years, the rising cost of emissions is one of the reasons why the UK has so rapidly reduced its reliance on coal power plants. 

In 2017, it cost €5 to emit a tonne of carbon dioxide, but it now costs €27.

ADVERTISEMENT

By CityAm

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News