Business

Europe proposes a fuel tax on aviation industry to push green energy

Published

2 years ago

July 5, 2021

Aviation can no longer fly under the radar using polluting jet fuel with proposed tax levy in EU

The European Commission has drafted plans to set an EU-wide minimum tax rate for polluting aviation fuels. This comes as the EU comes under increasing pressure to set more ambitious climate targets.

The aviation industry is currently exempt from fuel taxation charges in the EU. However, the European Commission has found this exemption “is not coherent with the present climate challenges and policies”.

The minimum tax rate would come into effect in 2023, increasing gradually over a 10-year period. Reuters reports that the draft document didn’t specify the final tax rate.

Climate change: Should you fly, drive or take the train? - BBC News

How difficult would it be to introduce the proposal?

Changes to EU tax rates require unanimous support from 27 countries, so passing the bill could be potentially difficult. If one state doesn’t agree, the whole proposal cannot pass.

The taxes wouldn’t be imposed on sustainable fuels, such as renewable hydrogen, e-kerosene and biofuels. The tax would be based on how polluting the energy source is.

Uptake of green fuels has been hampered by high costs. Sustainable aircraft fuel makes up less than 1% of Europe’s jet fuel consumption.

Related Topics:aviation climate europe trending

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Natasha Schapova

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Business

Companies to pay extra for verified Twitter accounts

Published

1 hour ago

February 6, 2023

ticker NEWS

Elon Musk has announced that companies and brands will have to pay $1,000 per month – plus an additional $50 per sub-account – to get verified check-marks on Twitter

The new pricing falls under the new Twitter Blue for Business service.

Within the next few months, only paying Twitter customers will have verified status.

Twitter has stacked on $12.5 billion in debt, and this move hopes to increase subscription revenue to meet Musk’s obligations.

Advertisers halted spending on Twitter after the takeover, but Twitter has since announced partnerships with two brand-safety vendors to win back marketers.

Musk also announced that Twitter would start sharing ad revenue with creators for “ads that appear in their reply threads”, but didn’t provide further detail.

Business

BMW to invest €800 million in Mexico

Published

1 hour ago

February 6, 2023

ticker NEWS

BMW is set to invest €800 million in Mexico, to produce its next generation of high-voltage and fully electric batteries

The carmaker is looking to convert more than half of its sales into all-electric cars by 2030.

Construction will begin next year with production beginning in 2027.

The announcement follows several other major expansions from the automaker in recent months, including a $1.7 billion investment in the United States.

The move will add around 1,000 new jobs to its Mexico operations.

Business

A British digital currency “later this decade”

Published

1 day ago

February 5, 2023

ticker NEWS

The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.