Surplus greenhouse gas emissions cut over the last five years
will not be carried forward into the next carbon budget, as the
UK is set to meet ambitious targets to achieve net zero in 2050.
This builds on the UK's success of becoming the first major
economy to halve emissions since 1990, while growing the economy
by around 80 per cent.
The UK overachieved in delivering its legally binding emissions
target by 15 per cent between 2018 to 2022 as part of Carbon
Budget 3. It is also set to overachieve on Carbon Budget 4
between 2023 to 2027 – proving the Government's proportionate
approach to net zero is compatible with meeting UK climate
targets, without burdening families with unnecessary costs.
Under the UK's Climate Change Act, if the country emits fewer
emissions than the legal limit, the Government has the power to
bank the surplus for later carbon budgets.
The Government decision not to carry forward the surplus keeps
the UK within its ambitious target with no additional headroom to
emit greenhouse gases over the coming years. This is in line with
advice provided by the independent Climate Change Committee.
Energy Security and Net Zero Minister said:
By deciding not to carry forward our over-performance from the
third carbon budget, we are doubling down on our commitment to
reach net zero, and we're already halfway there.
This will keep the UK at the forefront of global efforts to cut
its emissions, but we will do this while also driving down
consumer bills.
Professor Piers Forster, interim Chair of the Climate Change
Committee, said:
The Committee congratulates the Government on its decision not to
carry forward any surplus from the Third Carbon Budget. It's the
right choice. It shows an understanding of both the climate
science and the very real need to accelerate progress on
emissions reduction.
We've cut our emissions by half since 1990. The next big
challenge is to hit the UK's 2030 target, which is to decarbonise
by 68% against 1990 levels. The Government has made a sensible
decision, in line with our advice, not to kick the can down the
road. Now is the time for more investment in low carbon solutions
across the country. We'll be advising on that more in the
Committee's upcoming Progress Report.
Today's announcement confirms the UK has now over-achieved
against three consecutive carbon budgets. The UK is also one of
very few major economies to have a legally binding emissions
reduction target covering 2035 – the target of a 77 per cent cut
on 1990 levels goes way beyond many other countries.
Not only are the UK's carbon budgets some of the most ambitious
in the world, but the Government has set out more detail than any
other G20 country on how they will be met.
Since 2010, the UK has seen £300 billion in public and private
low carbon investment, with a further £100 billion of private
investment expected by 2030, helping support up to 480,000 UK
jobs in 2030. Since September alone, companies have also
announced plans for around £24 billion of new investment,
demonstrating their confidence in the UK's net zero transition.
