The UK has launched a review into the costs of meeting its net zero carbon emissions by 2050 climate goal.
The Treasury said the focus of its Net Zero Review will be to assess how the UK can maximise opportunities for economic growth and the cost impact on consumers.
“At its heart is a priority to ensure a fair balance of contributions from all those that will benefit, including considering how to reduce costs for low-income households,” it added.
The review will consider the “full range of government levers” for achieving net zero, including tax, but it will not duplicate existing or ongoing work elsewhere, such as detailed policy to decarbonise specific sectors.
The Treasury will publish a report from its Net Zero Review findings in autumn 2020, ahead of the UK hosting the UN climate change conference in Glasgow in November next year.
The report will set out principles to guide decision-making during the transition to net zero.
UK climate statutory advisor the Committee on Climate Change (CCC) said it welcomed the Treasury’s decision to explore how the costs of net zero “can be funded and distributed fairly”.
“We recently called on the Treasury to ensure the distribution of costs for businesses, households and the Exchequer are fully assessed, so we’re pleased that this is the central thrust of what the Treasury will consider,” added CCC chief executive Chris Stark.