The renewables and nuclear industries have urged the chancellor George Osborne not to freeze a tax on fossil fuels ahead of his annual budget statement on Wednesday. They argue that doing so could have an adverse impact on investment.
Osborne is expected to announce a freeze in the carbon price floor (CPF), which sets the minimum cost of burning fossil fuels. It also provides a mechanism for gradually increasing their cost to take into account the negative impact of emissions on society and the environment.
The trade bodies RenewableUK and the Nuclear Industry Association have sent a joint letter to Osborne, warning that a freeze will “undermine confidence” in both the renewable and nuclear industries.
According to the Financial Times, the letter said, “It is critical that investors have confidence that energy and climate policy is robust, predictable and durable. Retrospective policy changes not only have a negative impact on existing investment but also risk damaging the UK energy sector’s reputation as a stable destination.”
Campaign group Friends of the Earth has also called on the chancellor to “face down” big businesses calling for a freeze in the CPF and urged an announcement that the a review of the UK’s fourth carbon budget will no longer be pursued. The organisation added, “Speculation is the enemy of investment.”
David Powell, economics campaigner at Friends of the Earth, said, “Until now the biggest barrier the Chancellor has put up has been to low-carbon investment. Nervous investors have been frightened off by George Osborne’s go slow agenda.
“This Budget could unlock billions of pounds for clean infrastructure and innovation, but only if Mr Osborne makes it clear to investors that the UK’s long-term climate change goals are a safe bet.”
Government poll: 77% of Britons support renewable energy
Nuclear power from Hinkley C may be ‘too expensive’
Industry could build solar equivalent of Hinkley in two years, firm tells PM
Industry mulls over future of carbon price floor
Like our Facebook Page
How Cities In Canada Are Addressing Climate Change
10 Tax Incentives for Businesses That are Lowering their Carbon Footprint
How to Manage Anxieties About Climate Change
Green Brands Must Understand Their Customers to Market Wisely
Key Necessities for Starting an Eco-Friendly Freelance Business
6 Ways To Overcome Cash Flow Challenges as a Green Business
Going Cashless Lowers Our Carbon Footprint and Has Other Pros and Cons
How to Be as Eco-Friendly as Possible on a Trip to New York
Why Brazed Plate Heat Exchangers Are Eco-Friendly
6 Steps For Making Crypto & Blockchain Eco-Friendly
How To Use Solar Power Sustainably At Home
Building a Career in Green Construction: Tips and Insights
Solar-Powered Security Systems: Protecting Your Home and the Environment
Top 5 Benefits of Workplace Sustainability
The Role of Smart Technology in Managing EV Charging Stations
4 USA Vacation Destinations for an Eco-Friendly Trip
Why Internet Faxing Is A Sustainable Business Move
5 Ways Eco-Friendly Employers Can Boost Efficiency
6 Wastewater Management Tips to Reduce Water Pollution
What to Look for When Choosing an Eco-Friendly Locksmith
- Environment3 months ago
6 Home Improvements You Can Make to Help the Environment
- Environment10 months ago
4 Countries That Have Banned Single-Use Plastic
- Features9 months ago
5 Huge Support Tips for Eco-friendly eCommerce Brands
- Environment7 months ago
How to Ensure Your Home’s Eco-Friendly During Construction?