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[BusinessGreen.com > News > Carbon Trading]
Revenue & Customs to restore VAT on carbon credits
Reverse VAT on carbon credits to come into force as an anti-fraud measure from November
James Murray, BusinessGreen, 23 Aug 2010
HM Revenue & Customs (HMRC) has announced that it will reintroduce VAT charges on carbon credits from November after removing the levy last year in response to a multi-billion euro tax fraud.
British officials approved a zero VAT rating on trades of EU allowances (EUAs) in July last year after a pan-European investigation revealed that criminal gangs were using carbon credits to commit a widespread VAT fraud known as carousel fraud.
Nearly 30 arrests have now been made in at least 11 countries, including the UK, France and Germany, with the Europol police agency estimating the fraud cost treasuries across the EU around €5bn over an 18-month period.
Carousel fraud, which is also known as missing trader fraud, occurs when fraudsters set up a front company that collects VAT on the sale of a product before then disappearing with the money that is owed to the exchequer.
HMRC initially took emergency measures to combat the problem, removing VAT on carbon credits, when it emerged the carbon market was being targeted. But following an EU-wide agreement in March this year, officials have confirmed they now impose a new form of reverse VAT on carbon credits, which minimises the risk of fraud by making the company that purchases credits responsible for paying the VAT on any trade.
"The criminal practice of exploiting carbon credits to generate fraudulent VAT repayments was stopped last year when carbon credits were zero rated for VAT purposes," said a spokeswoman for HMRC. "This move was always intended as an interim measure until the legislation necessary to introduce a reverse charge could be put in place."
In a notice placed on HMRC's website late last week, officials confirmed the new reverse VAT regime would come into effect from November 1 and would cover EUAs, as well as UN-approved Certified Emission Reduction (CER) and Emissions Reduction Units (ERUs) carbon offset credits.
Reverse charge VAT is already in place in the UK for other products such as mobile phones and computer chips that have been subject to carousel fraud and experts predict the move is unlikely to have a major impact on the carbon market.
"Bona fide traders are well used to dealing with VAT, so they should be able to handle this change fairly easily," observed Trevor Sikorski, director of carbon markets research at Barclays Capital.
[BusinessGreen.com > News > Investment]
Dept of Energy earmarks additional $120m for weatherisation programme
Fresh funding allows domestic energy efficiency programme to provide onsite renewables as well
BusinessGreen.com staff, BusinessGreen, 23 Aug 2010
The US Department of Energy (DoE) last week extended its weatherisation programme, announcing that it has awarded almost $120m (£77m) in fresh funding to about 120 organisations across the country currently working on domestic energy efficiency projects.
The announcement came as energy secretary Steven Chu released new figures revealing that as of June the government's weatherisation programme had carried out energy efficiency improvements on more than 31,600 homes.
The weatherisation initiative, which was approved as part of the US economic stimulus package, attracted criticism last year for taking too long to get up and running. However, the Department of Energy said the scheme was now operating at its "optimal run rate", delivering makeovers to about 25,000 homes a month.
Figures from state authorities also suggest that the scheme supported more than 13,000 jobs in the second quarter of 2010.
"The weatherisation programme under the Recovery Act is successfully creating jobs in local communities, saving money for families, and reducing carbon pollution across the country," said Chu, adding that the latest round of funding for the programme would help provide even greater cost and energy savings for low-income families.
As part of the latest funding awards, nearly $90m will be issued to more than 100 of the best-performing weatherisation providers in 27 states, allowing them to expand their activities and complete makeovers for thousands of additional homes. The successful recipients include private firms as well as state agencies, charities and social enterprises.
The DoE said the organisations selected for additional funding had already spent 30 per cent of their initial tranche of stimulus funding and completed 30 per cent of their assigned home makeovers.
It added that the extra funding would allow organisations to install renewable energy technologies such as solar heating systems, heat pumps and small-scale wind turbines, as well as energy efficiency improvements such as insulation and green appliances.
The remaining $30m of new funding has been awarded to 16 projects working on the development of cutting-edge designs and technologies capable of improving the energy efficiency of low-income homes.
The DoE said the projects will include "new types of weatherisation partnerships, financial models that allow for greater private sector leveraging, workforce training and volunteer engagement, and the demonstration of new energy efficiency technologies such as in-home energy monitors".
[BusinessGreen.com > News > Renewables]
Statoil reaffirms renewables commitment
Energy giant insists it will continue to invest in renewables despite reports it is considering off-loading its wind energy projects
Jessica Shankleman, BusinessGreen, 23 Aug 2010
Statoil has today distanced itself from reports suggesting it could scale back investment in renewable energy, insisting the company currently has "no plans" to offload its high-profile alternative energy projects.
Over the weekend Norwegian newspaper Stavanger Aftenblad reported comments from the firm's chief executive Helge Lund suggesting that the company is reviewing its current investment in renewable energy projects, which includes plans for two UK offshore wind farms and the development of the Hywind floating wind turbine.
Lund said Statoil should use the next three to four years to consider if it is in a position to tackle the challenges facing the renewable energy sector, such as the relatively high cost of clean energy, or instead focus its attention entirely on oil and gas.
However, a Statoil spokesman told BusinessGreen.com earlier today that Lund's comments had been "misunderstood", insisting Statoil's review of renewables is part of a routine evaluation process which applies to all energy projects.
"We have no plans for pulling out of new energy," he added. "Our strategy lays firm... We have historically high levels of investment and engagement in new energy. As in any business, we consistently both analyse and evaluate the market, economics etc and we do that for renewable energy as we do for all energy projects."
He drew attention to Statoil's plans, revealed last week, to build the world's first floating wind farm, adding that potential sites include an area off the coast of Maine in the US, two in Scotland or one in Norway.
"We hope to make a decision next year about a possible demonstration site," he said.
He also confirmed that construction work at Statoil's 317MW Sheringham Shoal offshore wind farm remains on track, with the site off the North Norfolk coast expected to go live at the end of next year.
Statoil also forms part of the Forewind consortium, currently developing the massive 9GW to 13GW Dogger Bank offshore wind farm off the east coast of Yorkshire. The project is slated to start construction in 2015, with the first turbine expected to be connected to the grid in 2016.
[BusinessGreen.com > News > Carbon Trading]
Revenue & Customs to restore VAT on carbon credits
Reverse VAT on carbon credits to come into force as an anti-fraud measure from November
James Murray, BusinessGreen, 23 Aug 2010
HM Revenue & Customs (HMRC) has announced that it will reintroduce VAT charges on carbon credits from November after removing the levy last year in response to a multi-billion euro tax fraud.
British officials approved a zero VAT rating on trades of EU allowances (EUAs) in July last year after a pan-European investigation revealed that criminal gangs were using carbon credits to commit a widespread VAT fraud known as carousel fraud.
Nearly 30 arrests have now been made in at least 11 countries, including the UK, France and Germany, with the Europol police agency estimating the fraud cost treasuries across the EU around €5bn over an 18-month period.
Carousel fraud, which is also known as missing trader fraud, occurs when fraudsters set up a front company that collects VAT on the sale of a product before then disappearing with the money that is owed to the exchequer.
HMRC initially took emergency measures to combat the problem, removing VAT on carbon credits, when it emerged the carbon market was being targeted. But following an EU-wide agreement in March this year, officials have confirmed they now impose a new form of reverse VAT on carbon credits, which minimises the risk of fraud by making the company that purchases credits responsible for paying the VAT on any trade.
"The criminal practice of exploiting carbon credits to generate fraudulent VAT repayments was stopped last year when carbon credits were zero rated for VAT purposes," said a spokeswoman for HMRC. "This move was always intended as an interim measure until the legislation necessary to introduce a reverse charge could be put in place."
In a notice placed on HMRC's website late last week, officials confirmed the new reverse VAT regime would come into effect from November 1 and would cover EUAs, as well as UN-approved Certified Emission Reduction (CER) and Emissions Reduction Units (ERUs) carbon offset credits.
Reverse charge VAT is already in place in the UK for other products such as mobile phones and computer chips that have been subject to carousel fraud and experts predict the move is unlikely to have a major impact on the carbon market.
"Bona fide traders are well used to dealing with VAT, so they should be able to handle this change fairly easily," observed Trevor Sikorski, director of carbon markets research at Barclays Capital.
[BusinessGreen.com > News > Investment]
Dept of Energy earmarks additional $120m for weatherisation programme
Fresh funding allows domestic energy efficiency programme to provide onsite renewables as well
BusinessGreen.com staff, BusinessGreen, 23 Aug 2010
The US Department of Energy (DoE) last week extended its weatherisation programme, announcing that it has awarded almost $120m (£77m) in fresh funding to about 120 organisations across the country currently working on domestic energy efficiency projects.
The announcement came as energy secretary Steven Chu released new figures revealing that as of June the government's weatherisation programme had carried out energy efficiency improvements on more than 31,600 homes.
The weatherisation initiative, which was approved as part of the US economic stimulus package, attracted criticism last year for taking too long to get up and running. However, the Department of Energy said the scheme was now operating at its "optimal run rate", delivering makeovers to about 25,000 homes a month.
Figures from state authorities also suggest that the scheme supported more than 13,000 jobs in the second quarter of 2010.
"The weatherisation programme under the Recovery Act is successfully creating jobs in local communities, saving money for families, and reducing carbon pollution across the country," said Chu, adding that the latest round of funding for the programme would help provide even greater cost and energy savings for low-income families.
As part of the latest funding awards, nearly $90m will be issued to more than 100 of the best-performing weatherisation providers in 27 states, allowing them to expand their activities and complete makeovers for thousands of additional homes. The successful recipients include private firms as well as state agencies, charities and social enterprises.
The DoE said the organisations selected for additional funding had already spent 30 per cent of their initial tranche of stimulus funding and completed 30 per cent of their assigned home makeovers.
It added that the extra funding would allow organisations to install renewable energy technologies such as solar heating systems, heat pumps and small-scale wind turbines, as well as energy efficiency improvements such as insulation and green appliances.
The remaining $30m of new funding has been awarded to 16 projects working on the development of cutting-edge designs and technologies capable of improving the energy efficiency of low-income homes.
The DoE said the projects will include "new types of weatherisation partnerships, financial models that allow for greater private sector leveraging, workforce training and volunteer engagement, and the demonstration of new energy efficiency technologies such as in-home energy monitors".
[BusinessGreen.com > News > Renewables]
Statoil reaffirms renewables commitment
Energy giant insists it will continue to invest in renewables despite reports it is considering off-loading its wind energy projects
Jessica Shankleman, BusinessGreen, 23 Aug 2010
Statoil has today distanced itself from reports suggesting it could scale back investment in renewable energy, insisting the company currently has "no plans" to offload its high-profile alternative energy projects.
Over the weekend Norwegian newspaper Stavanger Aftenblad reported comments from the firm's chief executive Helge Lund suggesting that the company is reviewing its current investment in renewable energy projects, which includes plans for two UK offshore wind farms and the development of the Hywind floating wind turbine.
Lund said Statoil should use the next three to four years to consider if it is in a position to tackle the challenges facing the renewable energy sector, such as the relatively high cost of clean energy, or instead focus its attention entirely on oil and gas.
However, a Statoil spokesman told BusinessGreen.com earlier today that Lund's comments had been "misunderstood", insisting Statoil's review of renewables is part of a routine evaluation process which applies to all energy projects.
"We have no plans for pulling out of new energy," he added. "Our strategy lays firm... We have historically high levels of investment and engagement in new energy. As in any business, we consistently both analyse and evaluate the market, economics etc and we do that for renewable energy as we do for all energy projects."
He drew attention to Statoil's plans, revealed last week, to build the world's first floating wind farm, adding that potential sites include an area off the coast of Maine in the US, two in Scotland or one in Norway.
"We hope to make a decision next year about a possible demonstration site," he said.
He also confirmed that construction work at Statoil's 317MW Sheringham Shoal offshore wind farm remains on track, with the site off the North Norfolk coast expected to go live at the end of next year.
Statoil also forms part of the Forewind consortium, currently developing the massive 9GW to 13GW Dogger Bank offshore wind farm off the east coast of Yorkshire. The project is slated to start construction in 2015, with the first turbine expected to be connected to the grid in 2016.
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