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Labour to forge closer EU ties on carbon tax

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By illuminem briefings

· 1 min read

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

🗞️ Driving the news: Labour is considering realigning the UK’s carbon regime with the EU if it wins the upcoming general election
• This move aims to support heavy industries but could upset Brexit supporters

🔭 The context: Post-Brexit, the UK and EU have separate emissions trading schemes (ETS) and plan to implement carbon border adjustment mechanisms (CBAM)
• UK exporters face higher costs due to the UK's lower carbon price compared to the EU's

🌍 Why it matters for the planet: Aligning the UK’s ETS and CBAM with the EU’s could ensure a larger, more stable carbon market, supporting global climate goals by maintaining strict environmental regulations

⏭️ What's next: Labour is exploring how to synchronize both the ETS and CBAM with the EU while weighing potential trade-offs in UK autonomy
• Industry leaders urge accelerated CBAM implementation to prevent carbon dumping

💬 One quote: Jonathan Reynolds, shadow business secretary, stated, “A lot of them are worried about carbon dumping before the [UK tax] comes in, so we are looking very closely at it”

Click for more news covering the latest on carbon

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