Turner now in energy plan
LORDADAIR TURNER, chairman of the Financial Services Authority (FSA), will today unveil a massive shake up in the renewable and nuclear energy industries.
In a report from the Government’s Committee on Climate Change, which Lord Turner heads, guidelines to force action on climate change targets will be made, including a plan to directly intervene in the energy market.
The report is expected to prescribe a “floor price” for carbon emission permits, making it more expensive to produce CO2 and creating an incentive for the industry to “go green”.
But one industry source said such a move would not be uniformly welcomed by the utilities sector.
“There are several issues surrounding how to secure a floor price,” he said. “You could put a very tough cap on emissions to force the price up, but that would have to be done at a European level.”
Lord Turner, who is set to deliver the report to ministers today, is also expected to advise a greater role for nuclear energy in cutting the UK’s emissions. He will suggest a bonus for companies who are already building new plants, such as EDF.
ADAIR TURNER
FSA CHAIRMAN,
CLIMATE CHANGE COMMITTEE BOSS
Is there no end to Lord Turner’s industry? Last week he was in Brussels, calling for more supervision on cross-border banks around the European Union. This week, not satisfied with monitoring the financial world, he’s cracking down on carbon emissions. His report is sure to be welcomed by activists from Greenpeace, who scaled the parliament building yesterday to draw attention to climate change.