The Treasury has announced that it intends to conduct a review into the costs of the UK’s transition to a Net Zero economy. In response, the CCC’s Chief Executive, Chris Stark, said:
“We strongly welcome this review by the Treasury into how the costs of the transition to a Net Zero economy by 2050 can be funded and distributed fairly. We recently called on the Treasury to ensure the distribution of costs for businesses, households and the Exchequer are fully assessed, so we’re pleased that this is the central thrust of what the Treasury will consider. The terms of reference look comprehensive. We look forward to engaging with the Review as it develops.”
The Committee called on the Treasury to conduct the review in its May 2019 advice to Government on setting a Net Zero target for the UK. The Committee sees the review as crucial in ensuring a successful transition to Net Zero and recommends that the review is a key input to next year’s spending review, the next budget and longer-term policy direction.
Read the Committee’s recent letter to The Treasury setting out its detailed expectations for the decarbonisation funding review.