Headlines
INEOS founder Jim Ratcliffe calls on Britain to cut environmental costs
Published by Global Banking and Finance Review
Posted on April 28, 2025
Editorial & Advertiser disclosure
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
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)