🛢️ UK Oil Refineries Under Pressure , But the Government Is Taking Action!
The UK's oil refining sector is facing a significant challenge as rising carbon prices under the UK Emissions Trading Scheme (#ETS ) push operating costs to alarming levels. With only "four operational refineries" remaining after the closures of Grangemouth and Lindsey, energy security has become a critical national concern. 🏭
The UK Government is now developing strategies to safeguard these vital facilities. Key measures include exploring the inclusion of refined petroleum products in the "Carbon Border Adjustment Mechanism (CBAM)" from 2027 , ensuring foreign competitors face equivalent carbon costs. Additionally, redirecting unused carbon allowances from closed sites to active refineries would provide immediate financial relief. 💷
Without urgent intervention, British refiners risk being priced out of the market , essentially paying to save the planet while importing fuels from countries that don't bother. 😅 That's like buying organic groceries and then ordering a deep-fried takeaway!
Energy security and net zero goals "must work hand in hand" for Britain's industrial future. 🌱🔋