The independent climate advisors recommend a Seventh Carbon Budget of 535 MtCO2e, which would require the country to cut its emissions by 87% by 2040 when compared to 1990 levels.
This includes emissions from international aviation and shipping, with the CCC describing the target as “ambitious”, but deliverable “provided action is taken rapidly”, with the net cost around 0.2% of GDP per year on average.
Electrification – including decarbonising the grid and replacing fossil-fuelled cars and heating systems with alternatives such as electric vehicles and heat pumps – can deliver up to 60% of the required emission reductions.
The roll out of technologies will be similar to what has happened in countries such as the Netherlands and Ireland, and comparable with the mass-market roll outs of mobiles, fridges, and internet connections.
“For a long time, decarbonisation in this country has really meant work in the power sector, but now we need to see action on transport, buildings, industry, and farming,” said CCC interim chair, professor Piers Forster.
“This will create opportunities in the economy, tackle climate change, and bring down household bills. Our analysis shows that there is no need to pitch action on climate change against the economy.”
Carbon budgets place a restriction on the total amount of greenhouse gases the UK can emit over a 5-year period – which must be set in law under the Climate Change Act – with the seventh budget covering 2038 to 2042.
Indeed, the findings suggest that, by 2050, annual household energy and driving bills will be around £700 cheaper than today under the recommended decarbonisation pathway.
If there was a spike in gas prices like the one following Russia’s invasion of Ukraine, average household energy bills in 2040 would be 15 times less sensitive.
Furthermore, the CCC estimates that the private sector will fund 65-90% of the financing requirement between now and 2050.
It said that a small number of industries will "change substantially" under the transition, which could adversely impact communities if not managed well, and called on the government, business, workers, and communities to proactively plan how to address this.
Toby Perkins, chair of the Environmental Audit Committee, said: “I welcome the CCC's forensic analysis of the current position, and its advice on the steps to take to ensure that goals for reducing the UK's emissions are met.
“The CCC’s recommendations go to the heart of the government's growth agenda: there is enormous potential in the areas it has identified for improvement of the environment. Ministers must not be afraid to take the giant leaps suggested.”
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Chris Seekings is the Deputy Editor of IEMA’s Transform magazine, which is published biomonthly for IEMA members. Chris’s role involves writing sustainability-related news, features and interviews, as well as helping to plan and manage the magazine’s other day-to-day activities.