Everything News Jobs Opportunities Events Products/Services
Go to Home
Sign Up Sign in

The Low Carbon Economy Ltd

24 Mar 2011 10:03:15

Carbon floor price plans announced in Budget

Carbon floor price plans announced in Budget
A carbon floor price is to be introduced for power generation from April 2013, starting at £16 per tonne of CO2.

Chancellor George Osborne announced the measure in his Budget yesterday, saying the initiative is intended to "drive investment in the low carbon power sector".

By 2020, the floor price will almost double to £30 per tonne of CO2.

Dr Jeff Chapman, chief executive of the Carbon Capture and Storage Association, said: "This revenue from the fossil fuel industry can provide the investment funding to support the transition to a low carbon economy using CCS [Carbon Capture and Storage]."

The Budget also reiterated the coalition's support for CCS, explaining it intends to fund the four demonstration projects through general taxation, rather than a dedicated CCS levy.

Climate Change Agreements (CCAs) are to be extended to 2023, while a consultation on simplification plans is due to be published in the summer.

From April 2013, the levy discount on power for those taking part in the scheme is set to be increased from 65 to 80 percent. The government said this is so it can "continue to support energy intensive businesses exposed to international competition".

John Cridland, director general of the Confederation of British Industry, said the support through the CCAs is "particularly important" given the introduction of the carbon floor price.  ADNFCR-1235-ID-800474312-ADNFCR

Discussion Thread  


The Low Carbon Economy Ltd Community

Related Items From Everyone

  1. The global natural gas refueling infrastructure market will amount to 29,688 units by 2022,...

    04 Jan 2016
  2. The Ontario Sustainable Energy Association (OSEA) is a province-wide,...

  3. RE: MCZ wood burning stoves Discussed in Products & Services

    Hi there, i'm looking for a woodburning stove supplier. Can you send me a brochure and price list...

  4. £50,000 annual savings

Go To Home

Resource Links

We're social: View Available Feeds Find out more! Leave us your feedback


We appreciate all feedback. Please leave as much or as little as you like about any aspect of this website.

If your message requires a response, please leave your email address.