Overview

This Climate Change Bill aims to accelerate the UK's response to climate change by declaring a climate emergency, setting a new target of net-zero emissions by 2040 (bringing forward the existing 2050 target), and creating a comprehensive strategy to achieve this. The bill also proposes exploring new taxes on large companies to fund climate initiatives.

Description

The bill mandates the Secretary of State to declare a climate emergency and create a climate emergency strategy. This strategy must outline interim targets to reach net-zero emissions by 2040 and 1.5 degrees Celsius global warming target, and include plans for green job creation. The strategy requires approval from the UK Parliament, Scottish Parliament, Senedd Cymru, and Northern Ireland Assembly.

Furthermore, the Treasury must produce a report on taxing large companies (defined as per the Corporation Tax Act 2009) to fund the strategy, considering options like incorporating a new "green corporate responsibility tax" into the existing system or creating a separate tax. The bill also amends the Climate Change Act 2008 to replace all instances of "2050" with "2040" regarding the net-zero target.

Government Spending

The bill states that any expenditure incurred under this Act, and any increases in sums payable under other Acts resulting from this Act, will be paid from money provided by Parliament. No specific figures are provided in the bill text.

Groups Affected

Large Companies: Potentially impacted by new taxation to fund climate initiatives.

Government: Required to implement the strategy, potentially leading to significant policy changes and increased spending in various sectors.

Workers: Potentially benefit from the creation of environmentally-friendly jobs.

Devolved Administrations (Scotland, Wales, Northern Ireland): Involved in approving the climate emergency strategy.

Citizens: Potentially impacted by various policy changes implemented as part of the strategy.

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