Today, the Aldersgate Group welcomed the publication of the Committee on Climate Change’s sixth carbon budget and its recommendation of an emission reduction target of 78% by 2035. The Group argued that this ambitious but feasible target represents a unique investment and supply chain growth opportunity for UK businesses. To be delivered on the ground, today’s carbon budget will need to be supported by rapid policy decisions in areas such as buildings, heavy industry and carbon pricing.
Reacting to the budget, Ana Musat, Head of Policy at the Aldersgate Group, said: “The CCC has set a huge, but feasible, investment challenge for the UK economy for the next 15 years and one where the private sector will have to do most of the heavy lifting. This budget represents an opportunity for the UK to get the economy going again as it emerges from the COVID-19 crisis and to invest in innovation, grow supply chains and create jobs in areas such offshore wind, EV manufacturing, low carbon industrial goods, building renovation and green finance. As more countries take on net zero emissions targets, the export opportunities for the UK could also be significant: by 2030, the global market for low carbon goods will be worth more than £1 trillion a year, representing an increase of 7 to 12 times on today, with the market for low carbon services growing in tandem."