The UK played a prominent role in helping to secure the Paris Agreement in 2015, and we are determined that the UK’s Presidency of COP26 this November will be a milestone for ambition, targeting action to deliver on the promise of the Agreement.
In June 2019, the UK became the first major economy in the world to legislate to end its contribution to climate change by 2050.
The UK is committed to doubling our International Climate Finance to at least £11.6bn between 2021 and 2025, to help developing countries to take action.
HM Treasury takes its environmental responsibilities very seriously. As you would expect, we are considering what further fiscal and other policy measures are needed to meet our 2050 net zero target.
To support this, HM Treasury launched a review into how the transition to a net zero economy will be funded, and where the costs will fall. The review will publish its findings in Autumn 2020.