The Net Zero Review, the first of its kind, will assess how the
UK can maximise economic growth opportunities from its
transition to a green economy.
At its heart is a priority to ensure a fair balance of
contributions from all those that will benefit, including
considering how to reduce costs for low income households.
This review is a major step towards the UK achieving net zero
emissions by 2050, after becoming the world’s first major
economy to legislate to do so earlier this year.
Chancellor of the Exchequer, , said:
“The UK is leading the way on tackling climate change as
the first major economy to legislate for net zero greenhouse
gas emissions by 2050. We must all play a part in protecting
the planet for future generations.
“This review is a vital next step in delivering that
commitment, ensuring that we can end our contribution to global
warming, while supporting growth and balancing costs, to avoid
placing unfair burdens on families or businesses.”
The review will also consider how to ensure we can cut our
emissions without seeing them exported elsewhere. Everyone will
have an important role in making the transition successful. The
Treasury will consult widely, drawing on evidence from experts,
as well as those that will be impacted.
We will publish an interim publication in Spring 2020, with the
final report to be published Autumn 2020, ahead the UK hosting
the UN climate change conference in Glasgow in November next
year.
Exchequer Secretary to the Treasury, said:
“I have championed the environment throughout my life and
political career so its humbling to launch this unprecedented
review into how we end the UK’s contribution to climate
change.
“Until recently people said that Net Zero was impossible,
but this work is a giant step towards making it happen,
enabling us to set out a roadmap for an economy that is
cleaner, more efficient, and works for everyone, while
preserving our planet.”
Further information
Terms of Reference for the Net Zero Review are now published on
Gov.uk.
- On 27 June the UK became the first major economy in the
world to legislate to end its contribution to global warming by
2050, increasing the ambition of our commitments to reduce
greenhouse gas emissions under the Climate Change Act 2008.
- Between 1990 and 2017, the UK reduced its emissions by 42
per cent while growing the economy by more than two thirds, and
according to independent analysis from PwC, we reduced the
carbon intensity of our economy faster than any other G20
country since 2000.
This review will complement existing government achievements on
climate change, including:
- Quadrupling UK Renewable capacity since 2010. Low-carbon
energy rose to just over 50% of our electricity generation in
2018 – a record high.
- Installing 2.5 million energy efficiency measures in 2
million homes - saving carbon and delivering net household
bills savings of £800m each year.
- Significant investment through the Clean Growth Strategy
including £4.5bn to support development of renewable and low
carbon heating through the Renewable Heat Incentive.
- Investing nearly £1.5bn to support uptake in electric
vehicles, including up to £78 million to support innovation in
electric motor technology, and using the tax system to
encourage the uptake of cars with low carbon dioxide emissions.
- Pledging a £315m fund at Autumn Budget 2018 to support
businesses with high energy use to: cut their bills and
emissions through increased energy efficiency and reduce their
emissions by decarbonising industrial processes.
