UK Implements New Legislation for Carbon Dioxide Transport and Storage Penalty Calculations
London, 01 November 2024 – The UK government has introduced new regulations governing the determination of turnover for calculating penalties imposed under the Carbon Dioxide Transport and Storage (CO2T&S) Regulations 2024.
Background
The CO2T&S Regulations 2024 aim to regulate the transport and storage of carbon dioxide to mitigate climate change. These regulations include provisions for penalties to be imposed on operators who fail to comply with certain obligations.
Key Provisions of the Regulations
The new regulations, titled “The Carbon Dioxide Transport and Storage (Determination of Turnover for Penalties) Regulations 2024,” establish a clear methodology for determining the turnover of operators for the purpose of calculating penalties under the CO2T&S Regulations 2024.
Key Features
- Turnover is defined as the total revenue generated by the operator from its CO2T&S activities in the previous financial year.
- Specific guidance is provided on how to calculate revenue from CO2 transport and storage operations, including the sale of CO2, transportation fees, and storage costs.
- Turnover is to be calculated in accordance with generally accepted accounting principles (GAAP).
- Operators are required to maintain accurate records of their revenue and expenditure for audit purposes.
Penalties
The CO2T&S Regulations 2024 prescribe penalties for non-compliance with certain obligations, such as failure to obtain a permit, failure to submit monitoring data, or causing environmental damage. The amount of the penalty is determined based on the operator’s turnover.
Impact
These regulations are expected to provide greater clarity and consistency in the calculation of penalties under the CO2T&S Regulations 2024. This will ensure that operators subject to penalties are treated fairly and transparently.
Compliance
Operators involved in CO2 transport and storage activities are advised to familiarize themselves with these new regulations and ensure compliance to avoid potential penalties.
Additional Information
The full text of the Carbon Dioxide Transport and Storage (Determination of Turnover for Penalties) Regulations 2024 is available on the UK government’s website. For further guidance and support, operators can contact the relevant regulatory authorities.
The Carbon Dioxide Transport and Storage (Determination of Turnover for Penalties) Regulations 2024
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