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Keywords: CRC, green tax, emissions trading
scheme
Breaking news from the UK Parliament: the Chancellor, George
Osborne, is currently delivering his Budget speech in the House of
Commons.
He has just made a key announcement, which will affect a large
number of our clients: he has said that unless significant savings
can be made in the administration costs for businesses of complying
with the CRC, he will bring forward proposals in the Autumn to
replace the CRC with a green tax.
Launched in 2010, the CRC is a mandatory emissions trading scheme
for large non-energy intensive organisations and is one of the
UK's flagship green schemes.
Our view: without primary legislation, it's highly unlikely
that the Chancellor will be able to reduce the costs of the CRC.
That means – and this will be regarded as good news by
many – it looks increasingly likely that the CRC is going
to be abolished. Attention will then focus on its replacement: a
new green tax.
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issues and developments of interest. The foregoing is not a
comprehensive treatment of the subject matter covered and is not
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legal advice before taking any action with respect to the matters
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The Government has announced plans to scrap or simplify a range of environmental regulations in an effort to free businesses from red tape whilst also targeting enforcement towards high-risk industries.
A new enforcement mechanism, previously under consultation and now contained within the Crime and Courts Bill 2012-2013, is designed to give companies more confidence to admit their part in crime without opening themselves up to criminal prosecutions.
An environmental civil action has been struck out recently. The claimants had suffered loss but were unable to demonstrate any form of tangible physical damage.
Contrary to controversy surrounding shale gas exploration in European countries, Mr Osborne announced the introduction of a new tax regime designed to promote investment into the industry.
On 12 November 2012, the EU Climate Commissioner Connie Hedergaard announced that the Commission planned to "stop the clock" and suspend application of the EU Emissions Trading Aviation Directive 2008/1001 as regards flights to and from third countries on both EU and non-EU airlines.
The European Commission has published a draft Decision and ‘Questions and Answers’ ("Q&As"), elaborating on its proposal to ‘stop the clock’ on the international aviation elements of the EU Emissions Trading System ("EU ETS") while the ICAO attempts to broker a global settlement.
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