The Finance Act
- Carbon Trading ,
- Management/saving ,
The Finance Act 2014
1 April 2014 / 1 April 2015 / Various
Finance / Energy / Climate change / Waste
The Finance Act 2014 brings proposals under the 2014 UK Budget into law, with impacts on several environmental taxes. The Act amends capital allowances for mineral and oil and gas extraction activities and rates of the air passenger and vehicle excise duties. Climate change levy rates increase from April 2015, although carbon price support rates are frozen at £18 per tonne CO2 from 2016/17 to 2019/20. From 1 April 2015 landfill tax increases in line with the RPI rounded to the nearest five pence. Certain aggregates levy exemptions are suspended pending a state aid investigation by the European Commission.
Demand for fossil fuels will peak by 2025 if all national net-zero pledges are implemented in full and on time, the International Energy Agency (IEA) has forecast.
The Green Homes Grant is set to deliver only a fraction of the jobs and improvements intended, leading to calls for more involvement from local authorities in future schemes.
COVID-19 recovery packages have largely focused on protecting, rather than transforming, existing industries, and have been a “lost opportunity” for speeding up the global energy transition.
Half of the world's 40 largest listed oil and gas companies will have to slash their production by at least 50% by the 2030s to align with the goals of the Paris Agreement, new analysis has found.
None of England’s water and sewerage companies achieved all environmental expectations for the period 2015 to 2020, the Environment Agency has revealed. These targets included the reduction of total pollution incidents by at least one-third compared with 2012, and for incident self-reporting to be at least 75%.
The UK’s pipeline for renewable energy projects could mitigate 90% of job losses caused by COVID-19 and help deliver the government’s ‘levelling up’ agenda. That is according to a recent report from consultancy EY-Parthenon, which outlines how the UK’s £108bn “visible pipeline” of investible renewable energy projects could create 625,000 jobs.
Billions of people worldwide have been unable to access safe drinking water and sanitation in their homes during the COVID-19 pandemic, according to a progress report from the World Health Organisation focusing on the UN’s sixth Sustainable Development Goal (SDG 6) – to “ensure availability and sustainable management of water and sanitation for all by 2030”.