Overview

The Decarbonisation and Economic Strategy Bill aims to achieve net-zero carbon emissions in the UK by 2030 while simultaneously reducing inequality. It mandates the creation of a Green New Deal, a ten-year strategy involving significant economic and public investment to facilitate a community and employee-led transition to a low-carbon economy.

Description

The bill places a legal duty on the Secretary of State to meet both decarbonisation and economic equality objectives. Net-zero carbon emissions are defined as negative emissions balancing out positive emissions, excluding international credits and some forms of bioenergy. Economic equality targets include reducing income, wealth, health, and opportunity inequality.

Green New Deal Commission

A Green New Deal Commission will be established to develop and promote the strategy. This Commission, with a minimum of nine and a maximum of fifteen members appointed by the Secretary of State after public consultation and parliamentary approval, will report annually to Parliament on progress towards the objectives.

Policy Requirements

The Green New Deal will cover various areas, including improving energy efficiency and building zero-carbon housing; promoting sustainable transport; investing in renewable energy; advocating agroecological farming; reducing consumption of meat, dairy, and single-use plastics; phasing out fossil fuels; restoring natural habitats; creating living wage jobs; and reforming taxation. The Bill also promotes international cooperation on decarbonisation and inequality reduction.

Government Spending

The bill will require significant government expenditure. Exact figures are not specified, but the establishment of a National Investment Bank and Regional Investment Banks, along with funding for various decarbonisation and equality initiatives, will necessitate substantial public investment. Funding sources proposed include savings mechanisms (accounts, pensions, bonds), taxation reforms (new taxes, improved collection), and potentially changes to fiscal and monetary policy.

Groups Affected

Many groups will be affected. Individuals will experience changes in energy costs, transport options, and potentially taxation. Businesses, particularly those in high-carbon sectors, will face significant changes and challenges. Workers will be affected through job creation in green sectors and potential job losses in fossil fuel industries. Devolved administrations will be consulted and potentially impacted by resource distribution and policy changes. Finally, international efforts to address climate change and inequalities could substantially affect global communities.

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