INEOS CEO Jim Ratcliffe
EU carbon taxes driving away investment – Ineos CEO
Carbon costs imposed by EU on chemicals sector are unsustainable, INEOS CEO and founder Jim Ratcliffe warns commission president
Carbon taxes imposed by the EU have driven investment away from the bloc and enlarged its carbon footprint by encouraging less-regulated imports, Jim Ratcliffe, CEO and founder of UK-based chemicals group INEOS, has claimed in a letter to European Commission President Ursula Von der Leyen. INEOS, one of the world’s largest chemicals producers, pays about €150m/yr ($162m/yr) in carbon taxes, and that figure could rise to €2b by 2030, Ratcliffe said. “That is just not sustainable, frankly,” he said. Imposing taxes risks substituting domestic production for imported products that are not subject to the same level of regulation on CO₂. “We are not doing the world any favours if we are substituti
Also in this section
28 November 2025
The launch of the bloc’s emissions trading system in 2005 was a pioneering step, but as the scheme hits 21 its impact as a driver of decarbonisation is still open to debate
18 November 2025
Vicki Hollub, president and CEO of Occidental, has been selected as the 2026 recipient of the Dewhurst Award, the highest honour bestowed by WPC Energy. The Dewhurst Award celebrates exceptional leadership, groundbreaking innovation and a lifetime of significant achievements in sup-port of the development and advancement of the energy industry.
11 November 2025
Transition policies must recognise that significant industrial demand for carbon will continue even as economies hit net zero
6 November 2025
After years of pursuing ideologically driven climate leadership, Western powers are now stepping back under mounting political pressure and rising populist opposition—prompting concern essential climate action could be sidelined
