Orient Magazine Issue 84 - October 2021 | Page 35

4 . We will work with businesses to continue delivering deep cost reductions in low carbon tech through support for the latest state of the art kit to bring down costs for consumers and deliver benefits for businesses .
This strategy is a long-term plan for a transition that will take place over the next three decades . Many of the policies in the strategy will be phased in over the next decade or longer . Given our success in decarbonisation to date we are confident in our approach , but this strategy does not intend to predict the exact shape of the British economy in 2050 and neither should it .
We are making the decisions that are needed now to drive investment into new low carbon technologies and as these develop and we test our approach , we will make informed decisions over how we scale to reach net zero by 2050 . We have consistently underestimated how quickly the costs of clean technology would fall to date . There will be many more decisions to take , and many more steps on the journey to the finish line . But this strategy marks the beginning of the end of the UK ’ s domestic contribution to climate change .
What is in the Strategy ?
Ending the UK ’ s contribution to climate change is a longterm shift , and the Climate Change Act breaks up this challenge into bitesize chunks – five-year long carbon budgets . We have hit all of our carbon budgets to date . Our strategy document sets out clear policies and proposals for keeping us on track for our coming carbon budgets , our ambitious Nationally Determined Contribution ( NDC ), and then sets out our vision for a decarbonised economy in 2050 .
Whilst there are a range of ways in which net zero could be achieved in the UK , we set out a delivery pathway showing indicative emissions reductions across sectors to meet our targets up to the sixth carbon budget ( 2033-2037 ). This is based on our current understanding of each sector ’ s potential , and a whole system view of where abatement is most effective . But we must be adaptable over time , as innovation will increase our understanding of the challenges , bring forward new technologies and drive down the costs of existing ones .
The policies and spending brought forward in the Net Zero Strategy mean that since the Ten Point Plan , HMG has mobilised £ 26 billion of government capital investment for the green industrial revolution . Along with regulations , this will support up to 190,000 jobs by 2025 , and up to 440,000 jobs by 2030 , and leverage up to £ 90 billion of private investment by 2030 .
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