An influential group of MPs has recommended the introduction of a system of energy rationing to ensure the UK remains on course to achieve its carbon reduction targets.
The cross-party committee suggests the nation's adult population would each be granted an equal free quota of energy units, which would be traded in every time gas and electricity was purchased and even when filling the car with petrol.
Under the Tradable Energy Quotas (TEQs) scheme, the amount every adult received would be equal but not necessarily enough to meet their needs - forcing people to directly think about their energy use.
Remaining units would be free to be bought and sold, while businesses and Government would have to buy their units in a regular auction which would generate money to help fund the transition to a low-carbon economy.
The total number of credits on the market will gradually decline over a 20 year period to reduce the nation's dependence on fossil fuel energy.
The units could be rated on the basis of how much carbon they produce, as part of efforts to meet national carbon "budgets" and reduce the UK's emissions by 80% by 2050, the report by the Lean Economy Connection for the All Party Parliamentary Group on Peak Oil said.
Or in times of power scarcity they could be rated on the quantity of energy used, to ensure that everybody gets a fair amount of the available energy and the poor are not left struggling in fuel poverty as costs continue to soar.
TEQs (pronounced “tex”) are measured in units and every adult is given an equal free entitlement of TEQs units. Industry and Government bid for their units at a weekly tender.
At the start of the scheme, a full year’s supply of units is placed on the market. Then, every week, the number of units in the market is topped up with a week’s supply.
If consumers use less than their entitlement of units, they can sell their surplus and if they need more, they can buy them.
The report authors suggest all fuels (and electricity) carry a “rating” in units, with one unit represents one kilogram of carbon dioxide, or the equivalent in other greenhouse gases, released when the fuel is used.
They envisage when consumers buy energy, such as petrol or electricity, units corresponding to the amount of energy they have bought are deducted from their TEQs account, in addition to the money payment. TEQs transactions will be automatic, using credit-card or (more usually) direct-debit technology.
The proposals suggest the number of units available on the market is set out in the TEQs Budget, which looks 20 years ahead and he size of the Budget goes down year-by-year – step-by-step, like a staircase.
The Budget is set by the Energy Policy Committee, which will be independent of the Government.
Caroline Lucas, Leader of the Green Party and MP for Brighton Pavilion, said: “TEQs have long been Green Party policy, as we believe that we need a fair and transparent system to reduce energy demand and give each person a direct connection to the carbon emissions associated with their lifestyle.
“The TEQs scheme would guarantee that the UK's targeted carbon reductions are actually achieved, while ensuring fair shares of available energy.
And Jeremy Leggett, author, and Chairman of Solarcentury - a member company of the UK Industry Taskforce on Peak Oil, added: “What I like about TEQs is the fairness of it. When the energy crunch hits us, it will behove government and industry to ensure equitable access to available energy, within a national budget.
“TEQs is a route to synergisitic efforts of the kind we will need if we are to mobilise the infrastructure of a zero-carbon future fast, under pressure. It would increase the chances of working our way through the grim times to renaissance-through-resilience.
Tim Yeo MP, Chairman, House of Commons Energy and Climate Change Select Committee, said of the report's proposals: “Whilst I am less convinced than some people about the imminence of peak oil I firmly believe, regardless of this, that tradable personal carbon allowances could make a big contribution to reducing energy consumption and therefore carbon emissions in Britain.
“I also believe that it is extremely urgent for Britain, and all developed countries, to move away from a fossil fuel-based economy as quickly as possible.”
The report warned that without a TEQs system, the UK would struggle to meet its carbon reduction budgets or cope with predicted energy scarcity in the future.
John Hemming MP, Chairman, All Party Parliamentary Group on Peak Oil and Gas, said: "We urgently need to have a system in place to mitigate the economic and social consequences of peak oil. I believe TEQs provide the fairest and most productive way to deal with the oil crisis and to simultaneously guarantee reductions in fossil fuel use to meet climate change targets."
And Colin Challen, Founder Chairman, All Party Parliamentary Group on Climate Change, added:
"A concept of brilliant simplicity, offering a predictable and orderly reduction of greenhouse gas emissions year-on-year, with flexibility in an enclosed system, independent of taxation
and providing complete transparency between goals and delivery."
Jonathon Porritt, Founder Director, Forum for the Future, said of the report's proposals: "This eloquently presented proposal merits very serious consideration by all political parties. There remains an undeniable gap between the current policy mix and what we actually need to do urgently both to reduce emissions of greenhouse gases and to avoid the potentially devastating consequences of declining fossil fuels.
“TEQs offer significant policy advantages in addressing both these pressing imperatives."
The All Party Parliamentary Group on Peak Oil was set up in July 2007 to review estimates of future oil production and consider the consequences of declining world oil production for the UK and world economy.
Report authors, the Lean Economy Connection, is an independent research centre founded by Dr David Fleming in 1994 to develop the application of lean thinking to environment policy
The cross-party committee suggests the nation's adult population would each be granted an equal free quota of energy units, which would be traded in every time gas and electricity was purchased and even when filling the car with petrol.
Under the Tradable Energy Quotas (TEQs) scheme, the amount every adult received would be equal but not necessarily enough to meet their needs - forcing people to directly think about their energy use.
Remaining units would be free to be bought and sold, while businesses and Government would have to buy their units in a regular auction which would generate money to help fund the transition to a low-carbon economy.
The total number of credits on the market will gradually decline over a 20 year period to reduce the nation's dependence on fossil fuel energy.
The units could be rated on the basis of how much carbon they produce, as part of efforts to meet national carbon "budgets" and reduce the UK's emissions by 80% by 2050, the report by the Lean Economy Connection for the All Party Parliamentary Group on Peak Oil said.
Or in times of power scarcity they could be rated on the quantity of energy used, to ensure that everybody gets a fair amount of the available energy and the poor are not left struggling in fuel poverty as costs continue to soar.
TEQs (pronounced “tex”) are measured in units and every adult is given an equal free entitlement of TEQs units. Industry and Government bid for their units at a weekly tender.
At the start of the scheme, a full year’s supply of units is placed on the market. Then, every week, the number of units in the market is topped up with a week’s supply.
If consumers use less than their entitlement of units, they can sell their surplus and if they need more, they can buy them.
The report authors suggest all fuels (and electricity) carry a “rating” in units, with one unit represents one kilogram of carbon dioxide, or the equivalent in other greenhouse gases, released when the fuel is used.
They envisage when consumers buy energy, such as petrol or electricity, units corresponding to the amount of energy they have bought are deducted from their TEQs account, in addition to the money payment. TEQs transactions will be automatic, using credit-card or (more usually) direct-debit technology.
The proposals suggest the number of units available on the market is set out in the TEQs Budget, which looks 20 years ahead and he size of the Budget goes down year-by-year – step-by-step, like a staircase.
The Budget is set by the Energy Policy Committee, which will be independent of the Government.
Caroline Lucas, Leader of the Green Party and MP for Brighton Pavilion, said: “TEQs have long been Green Party policy, as we believe that we need a fair and transparent system to reduce energy demand and give each person a direct connection to the carbon emissions associated with their lifestyle.
“The TEQs scheme would guarantee that the UK's targeted carbon reductions are actually achieved, while ensuring fair shares of available energy.
And Jeremy Leggett, author, and Chairman of Solarcentury - a member company of the UK Industry Taskforce on Peak Oil, added: “What I like about TEQs is the fairness of it. When the energy crunch hits us, it will behove government and industry to ensure equitable access to available energy, within a national budget.
“TEQs is a route to synergisitic efforts of the kind we will need if we are to mobilise the infrastructure of a zero-carbon future fast, under pressure. It would increase the chances of working our way through the grim times to renaissance-through-resilience.
Tim Yeo MP, Chairman, House of Commons Energy and Climate Change Select Committee, said of the report's proposals: “Whilst I am less convinced than some people about the imminence of peak oil I firmly believe, regardless of this, that tradable personal carbon allowances could make a big contribution to reducing energy consumption and therefore carbon emissions in Britain.
“I also believe that it is extremely urgent for Britain, and all developed countries, to move away from a fossil fuel-based economy as quickly as possible.”
The report warned that without a TEQs system, the UK would struggle to meet its carbon reduction budgets or cope with predicted energy scarcity in the future.
John Hemming MP, Chairman, All Party Parliamentary Group on Peak Oil and Gas, said: "We urgently need to have a system in place to mitigate the economic and social consequences of peak oil. I believe TEQs provide the fairest and most productive way to deal with the oil crisis and to simultaneously guarantee reductions in fossil fuel use to meet climate change targets."
And Colin Challen, Founder Chairman, All Party Parliamentary Group on Climate Change, added:
"A concept of brilliant simplicity, offering a predictable and orderly reduction of greenhouse gas emissions year-on-year, with flexibility in an enclosed system, independent of taxation
and providing complete transparency between goals and delivery."
Jonathon Porritt, Founder Director, Forum for the Future, said of the report's proposals: "This eloquently presented proposal merits very serious consideration by all political parties. There remains an undeniable gap between the current policy mix and what we actually need to do urgently both to reduce emissions of greenhouse gases and to avoid the potentially devastating consequences of declining fossil fuels.
“TEQs offer significant policy advantages in addressing both these pressing imperatives."
The All Party Parliamentary Group on Peak Oil was set up in July 2007 to review estimates of future oil production and consider the consequences of declining world oil production for the UK and world economy.
Report authors, the Lean Economy Connection, is an independent research centre founded by Dr David Fleming in 1994 to develop the application of lean thinking to environment policy
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