Ed Davey promises to reduce cost of CRC tax on firms by two thirds

Government is set to cut the administrative cost for companies that fall under its CRC carbon tax by two thirds. "We have listened to businesses' concerns", said energy secretary Edward Davey.

In a consultation launched today the department of energy and climate change said the simplification package will include:

Shortening of the CRC qualification process.

Reducing the number of fuels covered by CRC from 29 to 4.

Reducing the amount of reporting required by businesses.

Reducing the length of time participants will have to keep records.

Removing the requirement on facilities covered by Climate Change Agreement or EU Emissions Trading System installations to purchase CRC allowances.

Adopting new emissions factors for the CRC which will align it with Greenhouse Gas reporting processes.

Removing the detailed metrics of the Performance League Table from legislation and placing them in government guidance.

See the consulation here.

Author: Paul Newton,
Channel: Markets & Trading
Tags: Trading

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