The government has launched a first-of-its-kind Net Zero Review to assess how the UK can maximise economic opportunities while decarbonising.
The move aims to ensure a fair balance of contributions from all those that will benefit and will consider how best to reduce costs for low-income and vulnerable households, as well as seeking new ways to cut emissions without seeing them exported elsewhere.
As the UK works towards its target of reaching net zero emissions by 2050, the review will see the Treasury consult widely, drawing on evidence from experts, as well as those that will be impacted.
A final report will be published in autumn 2020, ahead of the UK hosting the UN COP26 climate change conference in Glasgow.
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.”