A report commissioned by the All Party Parliamentary Group on Peak Oil published today warns that Britain might face energy shortages by 2020 – and proposes that a long-standing Green Party policy be adopted by the UK in order to ensure fair and equal access to fuel as scarcities develop.
Tradable Energy Quotas, produced by Lean Economy Connection for the All Party Parliamentary Group on Peak Oil proposes a scheme involving an electronic energy rationing system. Called TEQs (Tradable Energy Quotas), the scheme would also guarantee that the government meets its commitment to an 80% reduction in carbon emissions by 2050.
Under the TEQ scheme, units of “energy credit” would be distributed free to all adults. Surplus units could be traded with no limit on the number of units owned by one person, allowing people to use the credits according to their need while nevertheless maintaining a cap on overall national consumption. Businesses and government would bid for their energy units at a weekly tender, creating revenue to help fund the infrastructure and training that the UK economy needs to end its dependence on fossil fuels. (1)
Caroline Lucas MP, leader of the Green Party, said today:
“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.”
According to the report, the UK will be unprepared for energy scarcities without such a scheme, and the resulting fuel poverty would leave the most vulnerable at risk. The UK would also fail to reduce emissions in line with the Climate Change Act, says the report.
Notes
1. Please visit http://teqs.net/report/summary/ for a summary of how TEQs work.
2. Copies of the report, Tradable Energy Quotas (TEQs): A Policy Framework for Peak Oil and Climate Change, can be downloaded or ordered from http://teqs.net/report/.