Government hits business with stealth Carbon Tax

HM Treasury announces that CRC will no longer return revenue to participants:-

"Revenue raised from the Carbon Reduction Commitment (CRC) Energy Efficiency Scheme will be used to support the public finances (including spending on the environment), rather than recycled to participants."

The Government has

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In addition to protecting your organisations reputation it is vital to be making real reductions in carbon emissions and improving energy efficiency. With the CRC imposing a carbon tax on emissions it will increase the return on investments in CleanTech and Renewables.

To support this, the Carbon Saver Gold Standard is even more important to participants. It provides two wins for the price of one:-

1. Achieving the standard will improve your league table position, help you rank higher than the competition and protect your organisation's reputation
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2. The benchmarking and review process completed as part of certification produces a Carbon Saver Action Plan with specific recommendations for your organisation to save carbon.

Carbon Saver Action Plan

With no recycle payments and the full cost of allowances born by participants the Carbon Saver Action Plan will be a big help for your organisation to make real savings in both energy and carbon. Based on benchmarking, your current achievements, and sharing best practice across industries, this will be a vital tool to reduce your compliance cost now that the CRC is a Carbon Tax.

Insights

Our experts provide the following insights into the change to CRC. As with many of the announcement in the spending review the exact details are unclear. Our current views are:-

• CRC is now a Carbon tax
• Equates to roughly 10% of energy costs
• Recycling payments are abolished
• Cost of participation has gone up tenfold
• All revenue from allowance purchases retained by Treasury
• Another year before allowances need to be purchased
• 2012 will be the first purchase year
• Allows time for organisations to implement an effective carbon management strategy
• Investing in energy reductions now has more tangible financial benefits
• No longer need to forecast emissions
• Purchase just what allowances you need
• Cost of allowances will be determined by the annual budget process
• Allowances likely to increase from the current £12 a tonne (£14 in 2013? £16 in 2014?)
• Change to a Carbon tax opens the door to including more companies below 6,000 MwH cut off
• Climate Change Committee has recommended extending the scheme
• Original estimate was 5,000 CRC participants
• Registration data shows there are less than 3,000
• If you are one of the 10,000 information declarers? Be prepared! CRC is coming....

Financial Implications

What are the financial implications of a carbon tax?