UK Chancellor To Abolish Coalition’s Green Tax Target

gwpf_logo1) UK Chancellor To Abolish Coalition’s Green Tax Target – The Sunday Telegraph, 5 July 2015 The cost of subsidising new wind farms is spiralling out of control, government sources have privately warned. Officials admitted that so-called “green” energy schemes will require a staggering £9 billion a year in subsidies – paid for by customers – by 2020. The Chancellor believes the figures demonstrate the need to rein in the cost of policies to tackle climate change. As a first step, he will use this week’s summer Budget to announce that he is abandoning targets set under the coalition to increase the level of environmental taxes in a move he hopes will save customers and businesses billions of pounds. –Tim Ross

2) Britain’s Climate Change Department May Be Cut To The Bone – Breitbart News, 3 July 2015 The Department of Energy and Climate Change (DECC) could be facing a 90 per cent cut in staff over the next few years, an environmental think tank has warned. The prediction has prompted politicians and academics to issue dire forecasts for Britain’s economic future, but the right-wing campaign group the TaxPayers’ Alliance (TPA) has offered an alternate solution to DECC’s impending staffing crisis: they suggest that the department be scrapped and its responsibilities handed over to another government department, saving £billions each year. –Donna Rachel Edmunds

3) Nigel Lawson Calls For DECC To Be Broken Up – Global Warming Policy Foundation, 8 February 2012 Nigel Lawson, a former editor of The Spectator (amongst other things), has an intriguing idea in a letter to today’s FT: just break up the Department for Energy and Climate Change. It has done nothing to encourage the development of shale gas, which could keep Britain in energy for the next 100 years without the need to build another windmill.  Cameron believes in cutting the size of government. This could be a perfect place to start. –Fraser Nelson

4) Coal Remains King In Germany – Financial Times, 6 July 2015

5) Green Energy Lobby Appeals For More $Billions, Can’t Compete With Cheap Gas – Financial Times, 6 July 2015 The US wind and solar power industries face a fall in investment in 2017 after tax credits expire, their trade body has warned as it appeals to politicians for more financial support. Plunging costs for wind and solar power have made them increasingly competitive against fossil fuels, but the American Council on Renewable Energy argues that the fall in the price of natural gas caused by the US shale boom means they still need additional tax breaks. –Ed Crooks

6) Amazing! US Shale Oil Drilling Breaks Even Below $40 Per Barrel – Shale Energy Insider, 3 July 2015 US shale companies have increased the number of rigs in the field for the first time in nearly seven months when oil prices were trading around $70 per barrel, compared to under $60 per barrel in the current market. The number of rigs rose in almost every main shale basin across the US according to data gathered by Baker Hughes. Industry experts have suggested that as a result of last year’s price crash, shale exploration firms have cut their break even costs by anything up to $20 per barrel. A Bloomberg analyst suggested that the cost of drilling services have fallen between 20% and 50% with break even prices in parts of the Permian and Eagle Ford below $40 per barrel. — James Perkins

One thought on “UK Chancellor To Abolish Coalition’s Green Tax Target

  1. Hey Montpelier, the market should and does determine what works commercially and what doe not. Take away the subsidies and the solar, the wind bags, and all the other pie in the sky Green schemes go down the toilet. Bill Gates was right on when he espoused putting these billions of subsidiy dollars into R&D to find better and economically viable alternatives to present day green day dreams.

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