Treasury launches Net-Zero Review to measure costs of decarbonisation
The Chancellor of the Exchequer Sajid Javid has today (2 November) launched the Net-Zero Review, the first of its kind, which will assess how the UK can manage the transition to a low-carbon economy.
The Review aims to determine how the UK can maximise economic growth opportunities associated with the transition to net-zero carbon. At its core will be an assessment of how to fairly balance contributions to ensure just transition of the economy – and how to reduce costs for low income households from the move towards a net-zero.
The Review will also consider how emissions can be cut without simply exporting them abroad, and will look to widely consult with industry experts as well as directly to key stakeholders that will be impacted by the transition to net-zero. An interim publication will be produced in spring 2020 with a final report in the autumn ahead of the UK hosting the COP26 UN Climate Change conference in Glasgow in November 2020.
The announcement of the Review marks the first formal government step towards the UK achieving net-zero emissions by 2050 after one of the final acts of the Theresa May administration was to formally legislate for such a target through an amendment to the Climate Change Act 2008.
It also comes as edie launches Net-Zero November – a whole month of content dedicated to accelerating the net-zero movement – and as the brand evolves its live event, edie Live, to Net-Zero Live in May 2020.
Speaking about the Review, Chancellor of the Exchequer, Sajid Javid, 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.”
Exchequer Secretary to the Treasury Simon Clarke added: “I have championed the environment throughout my life and political career so it’s 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.”
Be part of edie’s Net-Zero November
In light of the UK’s net-zero commitment and the huge opportunity this has presented to sustainability and energy professionals across the country, edie is running Net-Zero November: an entire month’s worth of content dedicated to informing and inspiring our readers to position themselves at the forefront of the net-zero revolution.
View all of our exclusive Net-Zero November content here.
Make a net-zero-themed pledge on behalf of your business here.