Ineos CEO Jim Ratcliffe Slams Labour's Green Energy Plans as 'Absurd'
Sir Jim Ratcliffe, the billionaire CEO of Ineos and co-owner of Manchester United, has weighed in on the UK's energy debate. He has criticised Labour's green energy plans, raising concerns about energy security and the feasibility of their decarbonisation targets.
Ratcliffe, worth £11.9bn, believes Labour's proposed tax increases on oil and gas producers could jeopardise Britain's energy security. He argues that shutting down North Sea production would lead to greater reliance on imported energy. The businessman also dismisses Labour's plan to decarbonise the UK's electricity system by 2030 as 'absurd' and unfeasible, citing the risk of power shortages due to the closure of nuclear power stations and inconsistent wind energy output.
Labour has responded to Ratcliffe's criticisms, stating they will retain gas-fired power stations and interconnector-supplied power for backup. This move aims to balance the need for a green transition with ensuring energy security. Ratcliffe's comments contribute to the ongoing debate about the UK's energy sector and net zero targets.
Sir Jim Ratcliffe's concerns about Labour's energy policy highlight the complex challenges facing the UK's energy security. Balancing the need for a green transition with ensuring energy security remains a key issue in the ongoing debate. Labour's response, retaining gas-fired power stations for backup, reflects their commitment to both renewable energy and energy security.
