Uk Carbon Floor Price 2017

New chancellor philip hammond will make this statement on 23 november.

Uk carbon floor price 2017.

2 from 2016 to 2020 to limit the competitive disadvantage faced by business and reduce energy bills for consumers. The uk government introduced the carbon price floor in 2013 as part of a suite of policies within its electricity market reform emr framework. This price floor is set to increase from 15 7 tco2 in 2013 to 30 tco2 in 2020 and 70 tco2 in 2030 in 2009 constant prices. Following the implementation of the carbon price floor in the uk the.

Carbon price support component of the floor price would be capped at a maximum of 18 per tonne co. The climate change levy ccl and carbon price floor cpf bulletin is updated every 6 months it contains statistics and analysis on ccl and cpf receipts and declarations in the uk. Former chancellor george osborne had promised to set the future trajectory of the tax in his autumn statement. The carbon price floor cpf is a uk government policy implemented to support the eu emissions trading system eu ets.

2nd floor victoria 2 1 victoria street london sw1h 0et email. What is the carbon price floor cpf. Carbon price floor the cpf stands at 18 per tonne of co2 and is frozen at that level until 2020. The cps rates which are effectively a tax levied on fossil fuels used for electricity generation are the mechanism by which the uk s carbon price floor is implemented.

The mechanism set a target carbon price the floor reaching 30 tonne in 2020 and 70 tonne in 2030 which would be met by levying a top up tax the carbon price support cps. 7 2 1 setting cps rates 9 2 2 freezing the carbon price 9 2 3 cpf beyond 2021 11 2 4 revenue from the cpf 11 3. This consultation will be of particular interest to individual companies and representatives of industrial power and aviation sectors with obligations under the eu ets and environmental groups. The price of carbon 4 1 1 setting a carbon price 4 1 2 carbon pricing in the uk 5 eu emissions trading scheme eu ets 5 2.

Views on the cpf 13 emissions reductions 13. The future of uk carbon pricing audiences. The carbon tax or the carbon floor price as policymakers refer to it was introduced in 2013. In 2017 the treasury recouped 1billion in cpf tax receipts.

It stands at 18 25 per ton of carbon dioxide emitted in producing electricity. Dated april 2017 replaces the. The cpf was introduced on 1 april 2013 to underpin the price of carbon at a level that drives low carbon investment which the eu ets has not achieved.