👇
We’ve written to the Treasury, ahead of the Budget on 6 November
Our letter covers two important things
1) News that @theCCCuk will offer advice on the 6th Carbon Budget early, in September 2020
2) Our expectations for the @HMTreasury Net Zero review
theccc.org.uk/2019/10/15/com…
We’ve written to the Treasury, ahead of the Budget on 6 November
Our letter covers two important things
1) News that @theCCCuk will offer advice on the 6th Carbon Budget early, in September 2020
2) Our expectations for the @HMTreasury Net Zero review
theccc.org.uk/2019/10/15/com…
We’re going early with our advice on Carbon Budget 6 (2033-37) because we can see that it can play a meaningful part of the UK’s new strategy for decarbonising ahead of hosting COP26 in Glasgow.
A successful presidency rests on demonstrating credible domestic plans for net zero.
A successful presidency rests on demonstrating credible domestic plans for net zero.
Our advice on Carbon Budget 6 is a little bit more than just a new emissions target for the 2033-37 period.
It’s really the detailed ‘net zero’ pathway from today to mid 2030s.
After 2037, there won’t be much more than a decade to the net zero goal. So this is a big deal.
It’s really the detailed ‘net zero’ pathway from today to mid 2030s.
After 2037, there won’t be much more than a decade to the net zero goal. So this is a big deal.
We’ll be thinking hard about the conditions that need to be in place in 2030 to be on course for Net Zero in the UK.
Which hopefully makes our advice a meaningful contribution to the @hmtreasury Net Zero review and for @beisgovuk
(We obviously hope our advice can be accepted.)
Which hopefully makes our advice a meaningful contribution to the @hmtreasury Net Zero review and for @beisgovuk
(We obviously hope our advice can be accepted.)
The @hmtreasury Net Zero review is one of the most important processes that will take place over the next year.
It was a key recommendation in our Net Zero advice - and all the signs are that Treasury is taking it seriously. As they should for such an important economic reform.
It was a key recommendation in our Net Zero advice - and all the signs are that Treasury is taking it seriously. As they should for such an important economic reform.
Today’s letter sets out our expectations for the review. Fundamentally, this is a review that must establish how the costs of the net zero transition will be funded *fairly*. It’s a wasted opportunity if this a review that just tries to quantify the costs themselves.
We hope the review will give clarity to three things:
1) The main areas where action and funding are required - we’ve highlighted six key changes required (picture)
2) The principles for a fair distribution of costs
3) How costs will actually be allocated, as far as possible
1) The main areas where action and funding are required - we’ve highlighted six key changes required (picture)
2) The principles for a fair distribution of costs
3) How costs will actually be allocated, as far as possible
If that’s achieved, we should have a Treasury-endorsed outline plan for net zero and a clear sense of how costs will be distributed between businesses, households and the Exchequer.
That would be *splendid*.
That would be *splendid*.
Remember - this isn’t *just* about public spending and taxation. It’s as much about steering private capital. So making clear what’s investible - and how that can be de-risked as much as possible is a really important aspect of this review.
And - finally - we’ve made an offer to be as helpful as we can over the course of this review with our independent technical advice. Which is what @theCCCuk is here for in the end.
It’s going to be a very, very exciting 12 months.
It’s going to be a very, very exciting 12 months.
