The UK government is drawing up a strategy to protect its remaining oil refineries from rising carbon prices, after two sites closed.
The Department for Energy Security and Net Zero will on Monday issue a call for evidence to inform its Future of Fuels strategy, which will be published later this year.
The government is looking to include refining in its UK Carbon Border Adjustment Mechanism, which will impose a charge on imports of goods with weaker environmental standards.
Two of the UK’s oil refineries have already closed in the past 18 months, Grangemouth in Scotland, and Prax Lindsey in North Lincolnshire.
Exxon Mobil Corp., which operates the nation’s biggest oil-processing plant has warned the industry could eventually disappear completely if the cost of carbon continues to increase.
Earlier this month, Energy Secretary Ed Miliband said he is working with the Treasury to quickly get refineries included in the CBAM. Minister for Energy Michael Shanks met with industry representatives on Feb. 4 and asked them to share their views in the call for evidence.
“While previous governments have accepted a state of decline and failed to engage, we are determined to support this sector,” Shanks said in a statement.
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