The UK has unveiled a 368-page strategy to reach net-zero, placing them at the front of the climate change fight. British Prime Minister Boris Johnson is hopeful that the UK’s announcement will set an example for others, as the UK “leads the charge towards global net zero.”
COP26 starts this weekend, so Johnson’s announcement couldn’t come at a better time. The UK initiative is called ‘Net-Zero Strategy: Build Back Greener.’ Some areas of focus include:
- Moving to clean electricity and electric vehicles
- Setting a path to low-carbon heating for homes across Britain
- Carbon capture and storage
- Hydrogen production capacity
The UK also plans to:
- Create 440,000 jobs
- Generate $166 billion in private investment funds
- Provide 40 gigawatts of offshore wind power by 2040 (and 1 GW of floating offshore wind)
- Cut emissions from oil and gas 50%, removing 5 million tons of carbon from the air by 2030
Some feel the strategy is more “promise-focused” than “action-focused” and would like to see the UK take more significant steps. It is important to note that gas and power prices have surged within Britain this year, which may be one of the driving forces behind this announcement.
With Paris Agreement milestones approaching, and COP26 happening, all are trying to find ways to reduce and offset carbon emissions. The technologies needed to cut emissions entirely aren’t developed yet – and the earth isn’t going to stop getting hotter until we say we’re ready.
The carbon credit industry has proven to be a beneficial way to offset emissions – while improving the environment and creating economic opportunity.
It is currently expected to be valued at $22 trillion by 2050. Still, the carbon marketplace isn’t going to solve this crisis on its own. Advances in technology and additional regulations are needed.
Whether it is too little too late or simply not enough, Johnson’s move is a bold one. If other nations follow his lead, as he hopes, net-zero goals may be possible for all.