The government have put out a new review of their net zero plans to come up with the pathway that has the most economic benefits.
BEIS has said that they will examine which approaches are going to be the best for business and economic growth. The 2050 deadline for net zero will stand in place as this is legally binding. However, they have said that intentions will continue to make sure investments continue to increase energy security.
The main aim of the government is it ensures that net zero is not just viewed as the right thing to do but becomes an essential driver of economic growth.
The new review of the transition ensures that businesses and households can use opportunities for innovation, investment, exports, and jobs to save and increase money. This will give more economic opportunities for the UK.
BEIS has also mentioned how the government need to update their net zero strategies to account for any factors caused by Russia’s war on Ukraine. There have been major changes in the political and economic landscape due to this which are subsequently going to have a knock-on effect on big transitions such as net zero.
Whilst the war has caused an increase in wholesale energy prices across the EU and UK, this is not the only reason the government needs to put out a review for net zero. Earlier this year the high court ruled the current net zero strategy unlawful. This was because it does not detail measures that are significant to decarbonise any sector in line with carbon budgets.
Therefore, the government need to fix any issues with their current strategy in this review to ensure the UK actually meets 2050 targets for net zero.
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