Tesco, Cambridge, Face 3.5 Billion Pound Tax on Carbon in U.K.

Tesco Plc and Cambridge University will be among 5,000 U.K. organizations forced to pay 3.5 billion pounds ($5.5 billion) in fees for emitting carbon as part of plans to balance the U.K. government budget.

The Treasury said today the money, generated from sales of Carbon Reduction Commitment permits sold to organizations ranging from supermarkets to hospitals and universities, will go to the government instead of being redistributed back to the participants of the program.