The government published its Net-Zero Review interim report, which informs the next steps in the UK's green transition, on 17 December 2020.
The report summary states that “In recognition of the considerable threats climate change possess, the Climate Change Committee (CCC), in its advice on the net-zero target, noted that if policies are not sufficiently funded or their costs are seen as unfair, then they will fail and recommended that the Treasury undertake a review to consider, how the costs of achieving net-zero emissions are distributed and the benefits returned… the fiscal impacts, risks of competitiveness effects and the impacts of decarbonisation across the whole economy; and the full range of policy levers, including carbon pricing, taxes, financial incentives, public spending, regulation and information provision”.
The Treasury accepted this recommendation and published the terms of reference for the Net-Zero Review in November 2019.
This interim report and the final report that follows will sit alongside a comprehensive net-zero strategy next year, as well as sectoral decarbonisation strategies. Related documents include:
Please click here to view the Net Zero Treasury Review - Dec 2020 document.