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Oct 28, 2010

Carbon Tax * UK - The government renamed and delayed carbon reduction plan

The Carbon Reduction Commitment

London,UK -The Financial Times -October 27 2010: -- Committing to austerity in the UK means breaking other commitments. Last week the government took Labour’s already renamed and delayed carbon reduction plan – the Carbon Reduction Commitment – and effectively killed it. Under the original rules the 5,000 businesses involved – with annual power bills of about £500,000 each – would pay a tax of £12 per tonne of carbon emitted, compete with each other to be the most efficient energy users, and trade associated permits. The best operators would receive a refund greater than the amount they had paid...   Now, renamed the CRC Energy Efficiency Scheme, it will merely take the money raised – perhaps about £3.5bn over four years – and stash it in the government’s coffers. Sure, the Treasury needs cash, but it is baffling that the unique competition-based mechanism has been junked. As the scheme was revenue-neutral, keeping it would have made no difference to the chancellor. Now, an all-stick-no-carrot approach will raise costs for business, while killing the incentive for a company to reduce its environmental footprint...   (Picture from static.guim.co.uk: petrol)

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