Davey Confirms UK Fourth Carbon Budget, Rejects Osborne’s Requests

Energy policies could soon trigger political instability in the United Kingdom, as Secretary of State for Energy and Climate Change Ed Davey confirmed the Fourth Carbon Budget, turning down George Osborne’s requests to weaken the legally-binding target agreed three years ago after a political strife between Conservatives and Lib Dem.  

“Having conducted a detailed review, it is clear that the evidence does not support amending the budget. Any revision now would be premature, especially in light of the ongoing negotiations in the EU to agree to a domestic 40% GHG reduction target for 2030 by October this year based on the Commission proposals published in January 2014,” Davey said on Tuesday.  

Therefore, the UK remains committed to a 50% reduction by 2027 against 1990 levels. The political squabble is likely to remain as well. Chancellor George Osborne expressed its intention to weaken the budget due to concerns the targets would make the UK less competitive than EU rivals.

“Above all, maintaining the Fourth Carbon Budget at its current level demonstrates the UK’s commitment to its climate change target of an 80% reduction in emissions by 2050,” Davey added. 

BRITISH GAS INDUSTRY ON WEDNESDAY

It is increasingly clear that British politicians are willing to support gas as a transition fuel. Davey’s declarations might hint at a renewed interest for low-carbon sources of energy. That is why the British gas industry might soon continue its consolidation trend, capitalising on a positive political environment.

Meanwhile, the Supreme Court of Queensland ordered a meeting of Dart shareholders, setting it on 1 September 2014. Shareholders have to vote on the proposed recommended acquisition of Dart Energy by IGas. 

‘Completion of the Scheme is anticipated to occur around the end of September,’ reads a document released by iGas on Wednesday.