Carbon Tax "Threatening UK Manufacturing," Warns Ineos CEO Ratcliffe
Chemicals billionaire Sir Jim Ratcliffe has stated that a tax on carbon emissions is "devastating manufacturing" in Britain.
The chairman of Ineos , the world's fourth-largest chemical company, mentioned its facility located in Grangemouth, nearby Falkirk faces a £15 million tax bill for its carbon emissions in 2024.
Sir Jim stated that the tax bill represents a "significant setback" for UK companies and is hindering Ineos's efforts to increase their energy efficiency.
On Wednesday, companies must pay the tax imposed on their carbon emissions for the year 2024 as part of the UK’s Emissions Trading Scheme.

The scheme is designed to reduce carbon emissions across the economy by making it more expensive to burn fossil fuels and other waste.
Sir Jim stated that companies "cannot afford" to cover the levy considering the persistently elevated UK energy expenses following the significant price hikes in 2022 and 2023.
He stated, "In order to fulfill this tax requirement, we will have to halt crucial investments in initiatives aimed at making our processes more efficient and environmentally friendly. This situation is not without irony for us."
Sir Jim’s intervention followed suit after Ineos experienced a complete loss of profits last year due to significant debt-related expenses.
At the close of 2024, the corporation's total debt amounted to over 10.6 billion euros (£9 billion), marking a significant shift as they reported a loss of 71.1 million euros (£60.5 million) after having recorded a profit of 407.8 million euros (£347.3 million) in the prior year.
Nevertheless, it experienced an almost 9% increase in revenue to 16.2 billion euros (£13.8 billion) last year.
He went on: "This isn't only about Ineos; it reflects the harsh truth for manufacturers across Britain: greenhouse gas emissions, levies, and sky-high energy prices are choking the industry."
The wealthy businessman stated that the tax might cause certain British manufacturing sectors to move overseas to nations with "more lenient" environmental regulations.
He added: “A tax designed to reduce emissions is, in practice, killing manufacturing, making the UK more dependent on imports and is increasing emissions.
Offer us lower energy prices, provide incentives for investing in new resources, and allow us to contribute to constructing a robust and lasting industrial future.
A representative from the Department of Energy Security and Net Zero stated, "Our objective is to achieve clean electricity by 2030 since renewable, domestically-sourced energy offers the most effective means to safeguard consumers and enhance Britain’s self-reliance in terms of energy."
A robust UK emissions trading system will be essential for this purpose, promoting environmentally friendly investments as part of an overarching industrial plan, generating employment opportunities, and boosting the growth of the UK's economy.
To get the finest tales delivered to your inbox daily, click here. here To sign up for one or more newsletters from The Standard.
0 Response to "Carbon Tax "Threatening UK Manufacturing," Warns Ineos CEO Ratcliffe"
Post a Comment