2011 Budget announces steps "to make the green energy revolution a reality"
Chancellor of the Exchequer George Osborne has announced two further steps needed to make the green energy revolution a reality, in the 2011 Budget.
One of these steps is that the UK to introduce a carbon price floor for the power sector, with the price starting at around £16 per tonne of carbon dioxide in 2013, and moving to a target price of £30 per tonne in 2020.
The Climate Change Agreements will also be extended to 2013 and the Climate Change Levy discount on electricity for those who sign up will be increased from 65 per cent to 80 per cent from April 2013.
The second step will be the creation of the Green Investment Bank, to support low-carbon investment where the returns are too long-term or too risky for the market.
Another £2bn has been committed to this, funded from asset sales, which will enable the Green Bank to start operating in 2012.
Further information:
HM Treasury
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