What is the UK’s Net Zero strategy?
In 2019 the UK became the first major economy in the world to pass laws to reach Net Zero by 2050. This means reducing its emissions by 100% against a 1990 baseline through a combination of reducing emissions and removing carbon from the atmosphere. Progress has been slow, but the newly elected Labour government have committed to keeping on track and will expect businesses to play their part. In the face of a climate emergency and biodiversity crisis, there is no time to waste in setting out your decarbonisation pathway.
Under the 2015 Paris climate agreement, the UK joined nations across the world in agreeing to limit global temperature rises to 1.5C by 2100. According to the United Nation’s Intergovernmental Panel on Climate Change (IPCC), this will require CO2 emissions to fall by nearly half by 2030 and reach Net Zero by the mid-century.
The government set out its plans to meet the goal in its Net Zero Strategy and is guided by five yearly carbon budgets provided by independent advisory body the Climate Change Committee (CCC). The seventh carbon budget will be set in 2025 for the period from 2038 to 2042.
Off target
In June 2023 the CCC warned of “worryingly slow” progress towards the UK’s Net Zero goal. Three months later Rishi Sunak made a series of announcements that cast further doubt over whether the nation could keep to its commitment. He shifted the introduction of a ban on new petrol and diesel cars from 2030 to 2035 and introduced an exemption meaning that 20% of households would never have to switch from gas boilers to electric heat pumps.
In the lead up to the election, both leading political parties were accused of watering down their Net Zero commitments. Labour confirmed it was abandoning its policy to spend £28bn a year on green investments in government with Sir Kier Starmer saying the party would spend £23.7bn on environmental schemes over the course of its first term in office, equivalent to less than £5bn a year.
Setting a new course
After a period of pre-election uncertainty, the Labour government set out a series of measures to ensure we hit Net Zero 2050. These include:
- Not issuing any new oil and gas licences for the North Sea
- Investing £1bn to develop carbon capture and storage and £500mn to support the manufacturing of green hydrogen
- Spending an extra £6.6bn over this parliament to improve energy efficiency in five million homes
- Supporting the green energy transition with a time-limited windfall tax on oil and gas companies
- A commitment to zero-carbon electricity by 2030. This will involve:
- Setting up Great British Energy, a publicly owned company to invest in green technologies and drive decarbonisation
- Doubling onshore wind power generation
- Tripling solar power generation
- Quadrupling offshore wind power
It is critical that the new government keeps us on track if we are to meet our Net Zero obligations. The CCC has stated that insists that outside of electricity supply, aviation and shipping, the pace of emissions reduction needs to almost quadruple to hit the 2050 target.
Playing your part to support the UK’s Net Zero strategy
Pressure will mount for businesses to take greater responsibility for their carbon footprint and support the drive to decarbonisation. Regulators, customers and supply chain are encouraging companies to embrace ESG and take a key role in shaping a new green economy. By joining the race to Net Zero will not only meet your moral obligations but future proof your organisation by mitigating risks, driving efficiencies and identifying new opportunities.
Ay Wylde Connections we work with business of all sizes to embed sustainable strategies. We understand that for many the journey can seem daunting, and we have produced our 7 Steps to net Zero eBook to offer a helping hand. It is a user-friendly guide to setting targets, reducing emissions and securing sustainable growth.
As a trusted partner we can support you in reducing your emissions as part of a wider sustainability strategy. Our expert team will also work with you in looking beyond carbon to become a truly ethical and responsible business. Book a Discovery Call today and learn more about what we can do for your business.