Britain’s second wealthiest man, Ineos and Manchester United owner Sir Jim Ratcliffe, has warned European Commission president Ursula von der Leyen that carbon taxes are “driving away investment” from Europe.
In an open letter, the British billionaire argued that Europe struggles to compete with the US, China and the Middle East.
Ratcliffe warned that there will be “little left” if the European government does not address the high energy costs, carbon taxes and lack of renewal that impacts the chemicals sector in Europe.
“These taxes have encouraged imports from countries without carbon taxes, which has increased the carbon footprint of Europe as it now relies on suppliers with inferior carbon emissions overseas,” Ratcliffe added.
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His comments come following The European Industry Summit in Antwerp , where 73 industrial leaders called for an urgent deal to enhance competitiveness.
Additionally, Ratcliffe also shared his own first-hand experiece fo what he termed “Europe’s flawed permitting system”.
Ineos had planned to invest £3.4 billion in the building of a new petrochemicals facility in Antwerp, which he said was superior to any other comparable petrochemical facility worldwide in terms of carbon emissions.
However, he said: “One year after being granted a permit, with 10,000 workers employed worldwide on the project, the permit was pulled away and withdrawn [because] nitrogen emissions were the equivalent of one family BBQ in a nature reserve once a year.”
1 Comment. Leave new
It is a shame Ratcliffe doesn’t mention the tax subsidies that he and the rest of the fossil industry get from governments and the taxpayer. Globally, this runs to around $7Tn in 2022.
How does this work out as a ‘tax’. The fossil industry does not pay its way, it removes raw materials for very little cost, processes and sells it at subsidized prices, it does not cover the replacement costs for the materials that it extracts.
Ratcliffe is only a billionaire because of the tax money he collects and the poor wages to many of the workers in the industry.
It is a shame that the media simply quote his ridiculous claims without carrying out basic research into how the industry is funded and paid for by the taxpayer and how the soccer industry has been a way for the fossil industry to use its profits