The billionaire wants China to be charged more to export chemicals to Europe. Sir Jim Ratcliffe has called for tariffs to be placed on China as he hit out at the continent’s “idiotic” attempts to decarbonise through deindustrialisation. In an open letter to European politicians, the billionaire Ineos owner said that unless action was taken an entire industry across the continent would be wiped out, highlighting the US’s approach of placing tariffs on cheaper imports to try and ensure benefits to domestic producers.
“Decarbonising Europe by deindustrialisation is idiotic. We lose jobs and security and the CO₂ simply floats back over Europe anyway,” Mr Ratcliffe wrote. “Government policies have resulted in enormously high energy prices and crippling carbon tax bills. The industry is in crisis with such huge disadvantages. Instead of investing in growth for the future, it is fighting for survival. Government policies will shut all petrochemicals in Europe. All our major competitors are planning for withdrawal from Europe as government has failed to act time after time.
“The consequence of this policy is that Europe will import all its raw materials from the USA and China, who will benefit enormously.”. Mr Ratcliffe said his plant in Koln, Germany, paid £116m more than a US-based equivalent company for gas and electricity, while also paying a carbon tax bill in excess of £80m.
“The solution is to ban carbon tax, provide competitive energy for industry and incentivise growth and clean technology,” he continued. “We also need tariff barriers while these changes are being implemented or there will be nothing left. This is the US approach, where they value industry and its high-value employment and they are leaving Europe behind in their dust.”.
