英国的低碳投资激励文档.pdfVIP

Climate Policy 3 (2003) 77–88 Quantifying the UK’s incentives for low carbon investment Andrew Wordsworth a,∗, Michael Grubb a,b a The Carbon Trust, 3 Clement’s Inn, London WC2A 2AZ, UK b Visiting Professor, Imperial College London and Senior Research Affiliate, Cambridge, UK Abstract The UK climate change programme has introduced a range of instruments to foster investment in low carbon technologies and markets. We estimate the total value of these interventions, in terms of the redirection of financial flows and directly foregone tax income, to be about £1.3 billion per year (c. Euro or US$ 2 billion per year), as from 2002 to 2003 when the renewable obligation certificates (ROCs) first take effect. About 20% of this consists of direct expenditure, the remaining 80% is in the form of indirect expenditures contained within sectors (ROCs, the energy efficiency commitments), and foregone tax revenues. Most of the energy-efficiency investment is estimated to recoup expenditure within normal life-cycles and may thus be considered profitable; the profitability of the supply-side interventions is predicated mostly upon expected cost reductions associated with the build up of the associated industries. © 2003 Elsevier Science Ltd. All rights reserved. Keywords: UK; Energy policy; Incentives; Carbon technology development and dissemination 1. Introduction In the late 1990s the UK began to implement a wide-ranging set of measures to tackle greenhouse gas emissions. As set out in the Climate Change Programme 2000 HMG (2000), at the core of the programme is a set of measures to encourage investment in low carbon technologies, combined with increased government expenditure along the ‘innovation chain’ of low carbon energy technologies. The aim of the measures overall is to start moving the UK towa