Property update — November–December 2013: Carbon Reduction Commitment
The Carbon Reduction Commitment (CRC) was first put into operation in the UK on 1 April 2010. It is a mandatory scheme, aimed at large public and private sector organisations. It is designed to incentivise such organisations, through the application of a tailored combination of drivers, to take up cost-effective energy efficiency opportunities. As a result, the amount of carbon emitted by those organisations should fall.
There have been various amendments to CRC since its introduction. Stakeholders have consistently argued that it is overly complex and administratively burdensome. The government has therefore consulted on — and made — changes from time to time. Despite these alterations, however, CRC remains complex.
There was only one mention of CRC in the Autumn Statement delivered by the chancellor on 5 December 2013: to set the allowance prices for the CRC year 2014–15, covering the period 1 April 2014 until 31 March 2015. Each ‘allowance’ is equal to one tonne of carbon dioxide emissions, and participants must first buy, and later surrender, enough allowances to cover their CO2 emissions…
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The Treasury has issued a consultation document that clearly signals its recognition of the value to the UK economy of the private funds sector (including private equity and real estate funds).
Without prejudice communications with a regulator; collateral benefit and negligence; and more.