We Mean Business welcomes the passing of the UK’s fifth carbon budgetWe Mean Business
The Fifth carbon budget was passed by the UKs Parliament last week. Billed as the next step towards a low-carbon economy, the budget sets an ambitious target to reduce the UKs carbon emissions by 57% by 2030 on 1990 levels, a target which is even more ambitious than the collective European one.
The target, included in the recommendations of the UK Committee on Climate Change, comes a week after the UK’s vote to leave the European Union, and can be seen as a decisive signal of reassurance for investors about the level of climate ambition in the UK.
Speaking at the Business & Climate Summit in London last week, the Secretary of State for Energy and Climate Change delivered a powerful speech about the UK’s commitment to tackling climate change and investing in the low-carbon economy.
We Mean Business welcomes the passing of the budget, as it is the clear signal that businesses and investors need to stay on track to deliver on the pledges made in Paris. Whilst there is some discussion to be had on how the target is delivered, the target helps set the stage for business to seize the opportunities afforded by transitioning to a low-carbon economy. The UK government must now work on the Carbon Plan, which will provide details of the policies required to meet the targets in the fourth and fifth carbon budgets, as well as the finance required.All Press Releases