Ineos boss Sir Jim Ratcliffe has hit out at carbon taxes in the UK, arguing they are hampering companies trying to find ways to cut emissions.
In a swipe at the UK's energy policies, Sir Jim said the burden of paying hefty carbon taxes had forced Ineos to hit pause on green projects.
The company's Grangemouth site is this week due to pay a £15million bill in relation to its carbon dioxide emissions last year, the Ineos chairman said.
He continued, The Times reports: “At a time when British industry is still finding its feet after Covid, facing uncertainty due to US tariffs, grappling with some of the highest energy prices in the developed world and trying to compete against far more favourable conditions in the Middle East and the United States, this is another heavy blow.
“Quite simply, businesses can’t afford it. To meet this tax obligation, we will be forced to pause vital investment in projects that were designed to make our operations more efficient and more sustainable. The irony isn’t lost on us.”
The Times quote a spokesperson for the department for energy security and net zero as saying: “Our mission is for clean power by 2030 because clean, homegrown energy is the best way to protect billpayers and boost Britain’s energy independence.
“A strong UK Emissions Trading Scheme will play a key role in this, driving green investment as part of a broader industrial strategy, creating jobs and growing the UK’s economy.”