illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: British wind and solar farms exporting power to Europe may face CO2 fees starting in 2026 under the EU's Carbon Border Adjustment Mechanism (CBAM), despite not producing emissions
• This could hurt UK renewable energy revenues, raise EU power prices, and potentially increase emissions

🔭 The context: The CBAM will levy CO2 fees on imports to the EU of various goods unless the exporting country has equivalent CO2 pricing
• The UK's energy industry argues the current design unfairly penalizes renewables by using average and historical emissions for fee calculations

🌍 Why it matters for the planet: Increased costs for UK renewable energy exports could lead to higher reliance on fossil fuels in Europe, potentially raising CO2 emissions by up to 13 million tonnes annually, equivalent to the emissions of 8 million cars

⏭️ What's next: British and EU diplomats are discussing potential changes, but no progress is expected before the UK's July 4 general election
• Industry groups are engaging with the Labour Party, anticipating a potential push for an agreement if they win the election

💬 One quote: "You are adding a tax on exporting, so this essentially reduces the profit margin every time you want to export," said Pranav Menon, GB Power & Renewables Lead at Aurora

📈 One stat: Analysis shows up to 3 gigawatt hours of renewable power generation could be curtailed by 2030 due to the CO2 fee

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