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The latest advice from the Committee on Climate Change underlines both the enormous challenges and opportunities that come with meeting the 2050 net-zero emissions target.
The Carbon Budgets themselves are an integral part of the Climate Change Act, ensuring that strong progress is made towards achieving the 2050 emissions reduction target.
The CCC’s most recent advice is significant as this is the first Carbon Budget since the net-zero emissions target was enshrined in law. It’s clear that net zero has been a game-changer – the previous target of an 80% reduction in emissions by 2050 has been brought forward nearly 15 years to 2035.
The CCC has calculated that the costs of reaching net-zero are cheaper than previously thought – less than 1% of GDP over the next 30 years. This is mainly due to low carbon infrastructure and technology having lower operational costs and being less resource-intensive than fossil-fuel equivalents.
There are also wider, less quantifiable benefits that come with a reduction in emissions, including better health and an improved natural environment.
However, meeting the emissions targets will still require up to £50 billion of low carbon investment each year to deliver net-zero. The recently announced infrastructure bank will help lower the cost of low carbon infrastructure needed to scale up decarbonisation, while the growth of low-carbon industries will create hundreds of thousands of jobs. The good news here is that the UK is strongly placed to attract the investment required to decarbonise its energy, transport and buildings, and has well-established regulatory, policy and financing mechanisms that help provide investors with long-term certainty. To support this, we need an Infrastructure Skills Plan, set out as part of the Net-Zero Infrastructure Plan, to ensure the UK has the capability to transition to net-zero.
ICE Director of Policy Chris Richards, responds to the @theCCCuk's Sixth #Carbon Budget...#UKCarbonBudget #NetZero https://t.co/4NXOKWNI80 pic.twitter.com/Wy6Ql19eDz — ICE (@ICE_engineers) December 9, 2020
ICE Director of Policy Chris Richards, responds to the @theCCCuk's Sixth #Carbon Budget...#UKCarbonBudget #NetZero https://t.co/4NXOKWNI80 pic.twitter.com/Wy6Ql19eDz
Read ICE’s State of the Nation report into infrastructure and the 2050 net-zero target.