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INEOS founder Jim Ratcliffe calls on Britain to cut environmental costs
Published by Global Banking & Finance Review®
Posted on April 28, 2025
2 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on April 28, 2025
2 min readLast updated: January 24, 2026
Jim Ratcliffe calls on the UK to reduce environmental costs, highlighting the impact on British manufacturers and INEOS's financial burden under the ETS.
LONDON (Reuters) -INEOS owner and a British billionaire Jim Ratcliffe has called on the government to curb environmental costs on businesses, which he said, along with high energy costs, were driving investment away from the country.
The call comes as the government is under pressure to grow the economy, and as energy-intensive firms in Britain such as steelmakers struggle with what industry says are the highest costs in Europe.
INEOS faces a 15 million pound ($20 million) bill for its obligations under Britain’s Emissions Trading System, the company said. The ETS charges power plants and other industrial entities for each ton of carbon dioxide they emit as part of wider efforts to cut emissions and reach climate targets.
"This is not just INEOS, this is a reality for British manufacturers up and down the country: carbon emissions taxes and excessive energy costs are squeezing the life out of the sector," Ratcliffe, chairman and founder of INEOS said in a statement.
INEOS' joint venture with PetroChina International, Petroineos, last year announced its Grangemouth oil refinery, in Scotland would close in 2025 due to economic difficulties leading to the loss of 400 jobs.
Under the UK ETS companies must surrender carbon allowances equivalent to their emissions by April 30.
The Benchmark UK carbon contract is currently trading around 48 pounds ($64.01)per metric ton.
The equivalent contract in Europe's ETS is trading around 65 euros ($73.76)/ton.
($1 = 0.7499 pounds)
($1 = 0.8813 euros)
(Reporting By Susanna Twidale; editing by William James)
The article discusses Jim Ratcliffe's call for the UK to reduce environmental costs impacting businesses.
INEOS faces a significant financial burden under the UK's Emissions Trading System, affecting its operations.
The UK ETS imposes costs on energy-intensive industries, affecting their competitiveness and investment decisions.
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