HomeCarbon NewsUK Announces Net-Zero Plan

UK Announces Net-Zero Plan

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.

Most Popular
LATEST CARBON NEWS

Singapore’s Carbon Credit Market Surging At 21% CAGR

Late last year, the Ministry of Sustainability, and the Environment (MSE) and the National Environment Agency (NEA) had rolled out the Eligibility Criteria under...

Toucan Launches World’s First Liquid Market for Biochar Carbon Credits

Digital platform Toucan.earth is set to launch the world's inaugural 'liquid' market for biochar credits, in response to escalating interest from carbon credit buyers...

Spectaire Holdings’s Innovative Tech Helps Truckers Generate Carbon Credits

Spectaire Holdings Inc., a global leader in air quality monitoring and emissions reduction technologies, has announced a significant development in response to the mounting...

Oxford Revises Principles for Net Zero Aligned Carbon Offsetting

A team of Oxford University researchers has released an updated version of the flagship guidance on credible and net zero-aligned carbon offsetting. First published...
CARBON INVESTOR EDUCATION

What Is COP28? Key Issues to Watch Out at 2023 Climate Summit

After a record-breaking year of devastating effects of climate change, from record wildfires in Greece and Canada to floods in Libya, the United Nations...

Climate Disclosure: New Corporate Standards for a Net Zero World

As part of the world’s continued efforts to combat climate change and transition towards net zero, one important piece of the puzzle is new...

Carbon Pricing: Understanding The Economics and Trends of Fighting Climate Change

As global temperatures continue to rise, the urgency surrounding climate policies has intensified, thrusting carbon pricing into the limelight of climate discussions. The race to...

The EU Corporate Sustainability Reporting Directive (CSRD): Key Things to Know

Companies operating in the European Union will have to deal with new non-financial and sustainability reporting requirements starting January 2024 with the EU's Corporate...