The UK government has announced that the UK has overachieved its Carbon Budget 3 and rejected the chance to rollover the existing surplus.
The UK overachieved in delivering its legally binding emissions target by 15% between 2018 to 2022 as part of Carbon Budget 3 and is also set to overachieve on Carbon Budget 4 between 2023 to 2027.
This builds on the UK’s success of becoming the first major economy to halve emissions since 1990.
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 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 (CCC).
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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.”
Since 2010, the UK has seen £300bn in public and private low carbon investment, with a further £100bn of private investment expected by 2030, helping support up to 480,000 UK jobs in 2030.
Since September alone, companies have also announced plans for around £24bn of new investment.
Interim chair of the CCC Piers Forster said: “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.”
Achievements and innovations in improving air quality will be celebrated at the third annual CiTTi Awards, which will be held on 26 November 2024 at De Vere Grand Connaught Rooms in London. Nominations are open now! Please visit www.cittiawards.co.uk to learn more about this unmissable event for the UK’s transportation sector.
