To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will publish the Government's estimate of the cost to the UK economy of achieving the Government's target of net zero carbon emissions by 2050; whether the Government plans to maintain that target as Government policy (a) in the event that major greenhouse gas emitting countries also embark on large-scale carbon emission reductions and (b) irrespective of the steps to reduce carbon emissions other countries take; and what assessment he has made of the effect on climate change as a result of the UK achieving net zero carbon emissions under each of those two scenarios.
The UK has led the world as the first major economy to set a net zero 2050 target in law. Given the need for international action to address climate change, it is imperative that other countries similarly increase their ambition, and we are working to deliver that including through our hosting of COP26 this year. The UK will conduct a further assessment within 5 years to confirm that other countries are taking similarly ambitious action, multiplying the effect of the UK’s lead and ensuring that our industries do not face unfair competition.
As part of our commitment to net zero, and in line with the recommendation of the Committee on Climate Change, HM Treasury is carrying out a review of the costs of net zero. The Government will also publish full impact assessments as we legislate for future carbon budgets.