UK financial watchdog to investigate Drax biomass sourcing
The UK’s Financial Conduct Authority (FCA) is to investigate Drax over its biomass sourcing, listing rules and disclosure guidance.
In a short statement, the FCA said the period under investigation runs from January 2022 to March 2024, and noted that Drax would cooperate.
Drax sources most of its wood from the US (66.7%) and Canada (23.4%) and uses third-party certification and accreditation bodies.
For biomass used at Drax Power Station, it “adheres to the UK government criteria for sustainable biomass, the Forest Europe Sustainable Forest Management criteria, and we comply with the UK Timber Regulation”.
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