EU carbon taxes driving away investment – Ineos CEO
Carbon costs imposed by EU on chemicals sector are unsustainable, INEOS CEO and founder Jim Ratcliffe warns commission president
Carbon taxes imposed by the EU have driven investment away from the bloc and enlarged its carbon footprint by encouraging less-regulated imports, Jim Ratcliffe, CEO and founder of UK-based chemicals group INEOS, has claimed in a letter to European Commission President Ursula Von der Leyen. INEOS, one of the world’s largest chemicals producers, pays about €150m/yr ($162m/yr) in carbon taxes, and that figure could rise to €2b by 2030, Ratcliffe said. “That is just not sustainable, frankly,” he said. Imposing taxes risks substituting domestic production for imported products that are not subject to the same level of regulation on CO₂. “We are not doing the world any favours if we are substituti

Also in this section
7 February 2025
Norwegian energy company slashes spending on low-carbon sectors as transition decelerates
30 January 2025
The UAE’s oil and gas company puts its faith in technologies including CCS and AI to deliver its emission-reduction goals
27 January 2025
Regional state-owned firms are transforming their strategies and leveraging their resources to position themselves as clean energy powerhouses, and to ensure they maintain influence in a low-carbon world
24 January 2025
Progress on the energy transition has slowed or even stopped, with greater societal engagement we can revitalise it