The Government has agreed with the Committee on Climate Change and proposes that the fifth budgetary period covering 2028 to 2032 should be set at 1,725 MtCO2e.The orders and associated documents for the fifth budgetary period covering 2028 to 2032Impact assessment for the fifth carbon budget

The Renewable Energy Association welcomed the news

‘Crucial first step in reassuring investors after the referendum campaign. Government need to back this up with ambitious energy plan to deliver on much needed new energy infrastructure. The government today have confirmed the Committee on Carbon Change’s recommended carbon budget, laying out a 57% reduction in carbon emissions from 1990 levels during 2027-32. This gives the renewables industry and investors more long-term confidence, but will need to be backed up by supportive policies that will unlock finance in much needed new energy infrastructure.

James Court, Head of Policy and External Affairs said-

“The fundamentals of energy have not changed post-referendum, we still need new generation that is cost effective, low carbon and secure. “This would be the worst time for the government to row back or U-turn on existing commitments, which would be toxic to inward investors. So this is a positive first step, but will need to be backed up by a robust energy plan by the end of the year.

“The referendum has been a shock to economy, yet we still have a looming energy gap. Renewables will be easier to finance than larger centralised projects, will give the UK energy security and price stability, as well as boost new technology jobs and inward investment.”