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 exceeded its legally binding emissions target by 15 per cent from 2018 to 2022 under Carbon Budget 3. It is set to exceed expectations for Carbon Budget 4 from 2023 to 2027, demonstrating the government's balanced strategy toward net zero while ensuring alignment with UK climate goals without imposing undue financial strain on families.
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.
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Energy Security and Net Zero Minister Justin Tomlinson 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, stated:
"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."
This announcement solidifies the UK's accomplishment of exceeding targets for three consecutive carbon budgets. Additionally, the UK stands out among major economies with a legally binding emissions reduction target extending to 2035, aiming for a remarkable 77 per cent cut from 1990 levels, exceeding the ambitions of many other nations.
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 witnessed £300 billion in low carbon investment from both public and private sectors, with an additional £100 billion anticipated from private sources by 2030. This investment is projected to sustain up to 480,000 jobs in the UK by 2030. Moreover, companies have revealed plans for approximately £24 billion in new investment since September alone, underscoring their trust in the UK's transition to net zero.
