UK plans to launch carbon levy in 2027

Britain plans to introduce a carbon border tax by 2027 in an attempt to protect UK manufacturers, the government announced on Monday.

Imports of iron, steel, ceramics, cement and other goods from countries which charge a lower or no carbon price at all compared with the UK will be subject to a levy to try to make sure local manufacturers are not undercut by rivals with higher carbon emissions.

“This levy will make sure carbon intensive products from overseas — like steel and ceramics — face a comparable carbon price to those produced in the UK, so that our decarbonisation efforts translate into reductions in global emissions,” said Finance Minister Jeremy Hunt.

Reporting by Frank Prenesti for Sharecast.com