Overview

• Ineos's Grangemouth plant in Scotland must pay a £15 million carbon tax for 2024 under the UK Emissions Trading Scheme (ETS).
• The tax obligation has forced Ineos to pause energy efficiency and sustainability projects designed to reduce emissions.
• Sir Jim Ratcliffe, Ineos chairman, claims the carbon tax and high energy costs are making UK manufacturing uncompetitive.
• Ratcliffe warns that UK policies could drive manufacturing offshore, increasing reliance on imports and raising global emissions.
• The UK government defends the ETS as essential for driving green investment and supporting the country's net zero goals.