Conservative UK government is considering a carbon tax, in its commitment to reduce greenhouse gas emissions
Times 9th Oct 2020, Rishi Sunak is examining proposals for a UK-wide carbon tax that couldraise billions of pounds while encouraging the drive towards net-zero emissions. The chancellor is seeking to replace existing EU carbon-reduction schemes with the new tax when the transition period finishes at the end of the year.
Treasury officials are also looking at longer-term proposals to extend the tax to other areas including domestic gas and agriculture, which could raise more than £25 billion by 2030, supporters say.
A Whitehall source said Mr Sunak saw the idea as a way of “raising revenue while cutting emissions”. Another added that the idea was getting “increasing traction” across government. However, the movehas alarmed some environmental groups who fear a carbon tax could become subject to political pressure, like fuel duty, which could make it less likely that Britain meets its 2050 net-zero target.
Guy Newey, strategy director at Energy Systems Catapult, said a coherent strategy was needed.
“The danger with relying solely on a carbon tax is that no one believes politicians will not scrap it when things get tough, so no one invests. A cap and trade scheme that guarantees an outcome, alongside regulation and innovation support, is much more likely to lead to cuts in emissions.”
“The danger with relying solely on a carbon tax is that no one believes politicians will not scrap it when things get tough, so no one invests. A cap and trade scheme that guarantees an outcome, alongside regulation and innovation support, is much more likely to lead to cuts in emissions.”
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