Budget ‘must strengthen carbon price and renewables’

The Chancellor should use the imminent Autumn Budget to strengthen carbon pricing and extend subsidies for renewable energy. That’s the suggestion from the Grantham Research Institute on Climate Change, which warns the freeze on the carbon price support rate at £18 per tonne is inconsistent with achieving the goals of the Paris Agreement. The group […]

UK enters top 10 clean power rankings

Britain’s power supply is now the seventh cleanest in the world after climbing 13 places in a global league table. That’s according to researchers at Imperial College London, who in collaboration with the Drax Group, compared the carbon content of electricity supplies across various large countries between 2012 and 2016. They said the UK’s strong […]

European coal withdrawal ‘to weaken carbon prices’

Europe turning away from coal will see carbon prices remain weak for at least 13 years. That’s according to a new study by Thomson Reuters, which suggests the faster large European nations phase out the carbon-intensive fuel from their electricity mixes, the quicker demand will be reduced for carbon allowances. Coal power represented 23% of […]

Singapore to impose carbon tax from 2019

Singapore plans to impose a carbon tax in the next two years in an effort to reduce greenhouse gas emissions. That means power producers and large carbon emitters will have to pay a tax for each tonne of carbon they release. The government states the carbon price “will generally be applied upstream, for example, on power stations […]

Autumn Statement: Reactions

Chancellor Philip Hammond’s Autumn Statement has received mixed reactions. One of the announcements included maintaining the cap on Carbon Price Support rates, which stands at £18t/CO2 until 2020/21. Jeremy Nicholson, Director of the Energy Intensive Users Group said the industry feels disappointed the government didn’t abolish it. He added: “Carbon Price Support continues to undermine the […]

Autumn Statement: Carbon price support capped, boost for EVs, innovation, infrastructure

  The government has confirmed it is maintaining the cap on Carbon Price Support rates and pledged investment for electric cars, innovation and infrastructure. Philip Hammond made the announcement during his first and last Autumn Statement as Chancellor as he revealed it will be abolished. That means following the spring 2017 Budget and Finance Bill, […]

First law firm joins World Bank carbon pricing

The first law firm has joined the World Bank’s carbon pricing partnership. As part of the Carbon Pricing Leadership Coalition (CPLC), Baker & McKenzie will commit to supporting clients in advancing carbon pricing policies and sharing the best ways to be sustainable. A carbon price is a cost applied to carbon pollution to encourage polluters to reduce […]

More companies using internal carbon pricing

Large companies are increasingly taking the cost of carbon pollution into account when making investments. More than 1,200 companies now use internal carbon pricing to offset and avoid environmental damage, according to a survey from the Carbon Disclosure Project (CDP). That’s 23% more than last year. Nearly 40 of these firms, worth a combined total of $1.5 […]

Canada to set ‘strong’ carbon tax

Canada’s Prime Minister Justin Trudeau has said he will impose a “strong” price on carbon. In a Canadian television interview, Mr Trudeau insisted he aims to set a national carbon tax even if provinces try to block the proposal. He added that’s an “essential element” of the Liberal Party’s climate change plan. He went on: […]

Carbon trading ‘to expand due to Paris climate deal’

Carbon markets are expected to expand as a result of the Paris agreement. That’s according to 82% of the 146 carbon traders from the International Emissions Trading Association (IETA) surveyed by PwC, which added the figure is up from 58% from 2015. IETA members were asked questions about “a broad range of organisation types and […]