Secretary of State, Edward Davey, today set out the Government's assessment of progress made in reducing emissions across each sector of the economy, and formally responds to each of the Committee on Climate Change's recommendations.
The UK is the first country in the world to provide investors with certainty over funding levels for low-carbon generation through to 2021, and today, Government published for consultation details of how its reforms to the electricity market will be implemented.
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This will bring on new low-carbon forms of power generation including from renewables, new nuclear and gas and will make a major contribution to meeting carbon budgets. Record levels of investment have already been made by the private sector in new energy infrastructure with an estimated £35bn invested since 2010, and it is estimated that a further £110bn is needed between now and 2020.
Secretary of State for Energy and Climate Change, Edward Davey, said: "We've already had record amounts of planned investment in the energy sector and today we have given further confidence to the industry of the support available from Government for new energy infrastructure out to 2021. This could support 250,000 jobs in the energy sector.
"Our latest projections show that we are on track to meet our first three carbon budgets, but we recognise the scale of the challenge that we face in delivering further emissions reductions and meeting the target of the fourth carbon budget. We agree that we need to increase the rate of decarbonisation which is why we are taking action in a number of areas across the economy."
(CD/JP)
