U.S., Jan. 27 -- A report from University of Cambridge and University College London (UCL) has found that the UK's carbon tax, introduced in 2013 and increased in 2015, has led to a staggering 93% cut in the country's coal-fired electricity generation.
This amounts to a drop from 13.1TWh generated in 2013 to a mere 0.97TWh in 2019, with renewables and gas becoming the preferred options for electricity production.
The report, titled 'The Value of International Electricity Trading' found the UK's 'Carbon Price Support' tax's overwhelming impact to be a motivator for other countries to adopt a similar model.
"Should EU countries also adopt a high carbon tax we would likely see huge carbon emission reductions throughout the Continent, as we...