Welcoming the government’s announcement that it will update the Climate Change Act by introducing a 2050 net zero target, Nick Molho, Executive Director at the Aldersgate Group, said: “This is a crucial step forward and a landmark achievement for the Prime Minister and all the ministers and MPs who have supported an increase in the UK’s climate ambition. The message from business is clear: the UK will strengthen the competitiveness of its economy by being the first major economy to legislate an ambitious net zero target – as long as this is supported by a comprehensive policy package.
We now look to the Prime Minister’s successor to introduce a robust policy package that puts the UK on a credible path to deliver net zero emissions by 2050 and supports business investment and competitiveness. It is important that the review planned in five years’ time does not undermine the robustness of this package. As we have seen recently in the UK’s offshore wind and recycling sectors, complementing clear targets with ambitious innovation and market creation policies is what rapidly brings down the costs of new technologies and grows domestic supply chains.”
Nick Molho added: “The best way to address competitiveness concerns will be for the government to introduce measures such as product standards to protect British industry from high carbon competition and use its extensive diplomatic network to encourage other emitters to adopt similar targets and grow low carbon trade. Indeed, this announcement puts the UK in a very strong position to host COP26, which will be a crucial opportunity to raise international ambition.”