Fuel and energy rationing will be needed before 2020, according to a new parliamentary report that is proposing a system to make sure people have fair and equal access to energy while helping the Government meet its 80 per cent carbon emission reduction by 2050.
The Lean Economy Connection report, entitled 'Tradable Energy Quotas’ was commissioned by the All Party Parliamentary Group on Peak Oil and concludes that the value of carbon savings now warrants the use of Tradable Energy Quotas (TEQs). It proposes that all adults should receive energy credits in the rationing system.
The UK Industry Taskforce on Peak Oil and Energy Security has already said peak oil may be reached by 2015. Peak oil is the point when global oil production is at its highest and future production will have to plateau or reduce.
How the rationing system would work
Using the TEQs system would guarantee people had equal access to energy, and they would be able to sell additional credits if they had more than necessary. Businesses would bid weekly for energy units, which would also generate money to fund the system.
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