Overview

The Decarbonisation and Economic Strategy Bill aims to achieve net-zero carbon emissions in the UK by 2030 while simultaneously reducing inequality. It establishes a Green New Deal Commission to create a ten-year strategy for achieving these goals through significant economic and social reforms.

Description

The bill mandates the Secretary of State to meet decarbonisation and socio-economic equality objectives by 2030. Decarbonisation targets include net-zero emissions and a significant reduction in gross emissions. Socio-economic equality targets aim to reduce inequalities across income, wealth, health, race, and opportunity.

Green New Deal Commission

A Green New Deal Commission will be established to develop and oversee a ten-year strategy, engaging the public through citizen assemblies. The Commission will advise the government and devolved administrations on policy implementation, including financial implications.

Policy Requirements

The bill outlines policy requirements for the Green New Deal, encompassing decarbonisation (e.g., building retrofits, renewable energy investment, reduced consumption), habitat and biodiversity restoration (e.g., flood defenses, rewilding), socio-economic policies (e.g., living wage, job guarantee, public ownership models), and equal participation (e.g., workers' rights, national living wage). The bill also addresses trade and international policies, aiming to align them with decarbonisation and equality goals.

Government Spending

The bill will necessitate significant government spending, though precise figures are not specified. Funding mechanisms include strengthening the National Investment Bank, creating Regional Investment Banks, potential taxation reforms (including wealth taxes), and reductions in defense spending. The exact financial implications will depend on the Green New Deal strategy developed by the Commission.

Groups Affected

• Government: Significant changes to policy across various departments (Treasury, Bank of England, etc.) are required.
• Businesses: The bill will impact businesses across multiple sectors, potentially requiring significant changes to operations and investments in low-carbon technologies. Fossil fuel industries face phased-out extraction and production.
• Workers: The bill promises job creation in green sectors with a living wage and a jobs guarantee for workers displaced from high-carbon industries. Training and retraining will be provided.
• Devolved Administrations: The devolved administrations (Scotland, Wales, Northern Ireland) will have a role in the implementation of the Green New Deal strategy, but the bill does not bind their parliaments or assemblies.
• Citizens: The bill aims to improve the quality of life for all citizens through improved public services, reduced inequality, and environmental improvements.

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