U.K. Government Split Over Carbon Market After Brexit

(Bloomberg) —



a man wearing a suit and tie: Rishi Sunak


© Bloomberg
Rishi Sunak

U.K. Chancellor Rishi Sunak’s Treasury is locked in a battle with Alok Sharma’s Business Department over how to ensure polluters pay for their emissions after Brexit.

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The Treasury is pushing to replace the European Union’s cap-and-trade system with an economy-wide carbon tax, which would come into effect after Britain exits the bloc in January. The Department for Business, Energy and Industrial Strategy is drawing up a new emissions-trading system to start in January similar to the EU program that the U.K. currently participates in.

One person familiar with the debate predicted that an ETS was a likely option, and a hybrid is also being considered. A decision is expected soon. It is likely to be announced by Dec. 12, when Prime Minister Boris Johnson will co-host a United Nations meeting on climate action, where he is expected to reveal a new 2030

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Global efforts required to realise low carbon society: energy expert

The current energy saving goals and renewable energy policy in EAS (East Asia Summit) countries will contribute to reducing fossil fuel consumption as well as CO2 emissions mitigation, a senior official from the Economic Research Institute for ASEAN and East Asia (ERIA) said.

At the recent GECF Monthly Lecture Series on “EAS Energy Outlook”, special adviser (Energy Affairs) to ERIA President, Shigeru Kimura said unless the US and China take the lead on this transformation, any shift towards the low carbon society will be inadequate.
Special adviser (Energy Affairs) to ERIA President, Shigeru Kimura was speaking at the recent GECF Monthly Lecture Series on ‘EAS Energy Outlook’

“Further, seeing the ASEAN transition from 2017 to 2050 … the region is actually increasing coal, increasing natural gas, and increasing oil, but the renewables only get a little bit rise. That is the ASEAN reality,” Kimura noted during the online lecture.
EAS

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