By Paul Homewood
Labour to inflict yet more pain on households:
The Telegraph report:
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Sir Keir Starmer is poised to accept the jurisdiction of the European Court of Justice (ECJ) and align with EU rules to hit net zero.
The Government wants to rejoin the EU’s Emissions Trading Scheme (ETS) carbon market, which it left when Brexit took effect at the end of 2020.
But The Telegraph can reveal it will mean changing British rules to match EU laws, accepting decisions from a foreign court and pressure to stay in lockstep with Brussels’ net zero policies.
Britain set up its own UK ETS, which also aims to incentivise companies to pollute less, but its carbon price is much lower than the EU’s larger and more successful market.
Rejoining the EU ETS will increase the UK carbon price, making it more expensive to pollute and cutting emissions further and faster, which will help reach the net zero goal but could increase costs for consumers.
https://www.msn.com/en-gb/money/other/labour-set-to-align-britain-with-eu-net-zero-laws/ar-AA1BW9xw
When the Telegraph says “could increase costs”, they are wrong. Costs definitely will increase.
Currently EU carbon prices are much higher than the UK’s, currently around £59/tonne, against the UK’s £42.
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https://www.catalyst-commercial.co.uk/works/mar25-energy-market-brief/
Higher carbon prices will directly impact CCGT costs, thus increasing wholesale power prices, which are primarily determined by gas power.
Instead of aligning UK carbon prices with the EU, we should be abolishing the whole system, in turn reducing energy bills.
