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7h ago

INEOS Halts Sustainability Projects Due to £15M Carbon Tax Bill

Chairman Jim Ratcliffe warns high energy costs and carbon taxes are crippling UK manufacturing as government defends emissions trading policy.

Soccer Football - Ligue 1 - OGC Nice v AS Monaco - Allianz Riviera, Nice, France - September 19, 2021 OGC Nice owner Jim Ratcliffe before the match REUTERS/Eric Gaillard
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Sir Jim Ratcliffe, chief executive of Ineos, at the Grangemouth plant

Overview

  • INEOS has paused key energy efficiency projects at its Grangemouth site after receiving a £15 million bill under the UK Emissions Trading System (ETS).
  • The halted projects included waste heat recovery and condensate system upgrades, which had contributed to a nearly 50% reduction in site emissions since 2005.
  • INEOS chairman Sir Jim Ratcliffe criticized the burden of carbon taxes and high energy costs, claiming they threaten the viability of UK manufacturers.
  • The Grangemouth oil refinery, operated by INEOS's joint venture Petroineos, is set to close in 2025, resulting in 400 job losses.
  • The UK government maintains that the ETS is essential for driving green investment and achieving clean power by 2030, despite industry calls for policy reforms.