The Labour government wants to cut UK greenhouse gas emissions to 87% below 1990 levels by 2040, which it says will deliver £865bn in economic benefits.
The target has been set out in draft legislation for the seventh “carbon budget”, a legally binding limit on emissions during the five-year period from 2038-2042.
The government says this would protect billpayers from “fossil-fuel shocks”, boost energy security, improve quality of life and help tackle climate change, by getting the country on track for net-zero by 2050.
The UK would need to invest around £880bn over 25 years to meet the budget, but doing so would yield benefits worth £1,620bn, according to a government impact assessment.
Pointedly, the government presents these benefits and costs relative to a policy of “no net-zero”, as the opposition Conservatives and hard-right Reform UK have both pledged to abandon the 2050 goal.
