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 dual objectives through significant policy changes across various sectors.

Description

The bill places a duty on the Secretary of State to meet both decarbonisation and socio-economic equality objectives by 2030. Decarbonisation targets include net-zero emissions and a reduction in gross emissions by at least 75% from 2019 levels, prohibiting reliance on international carbon credits. Socio-economic equality targets aim to reduce inequality across income, wealth, health, race, and opportunity.

Green New Deal Commission

A Green New Deal Commission will be established to develop a ten-year strategy, engaging the public through Citizen’s Assemblies. The Commission will advise the government and devolved administrations on policy implementation, including financial implications. Its composition must reflect diversity and include representatives from devolved administrations.

Policy Requirements

The bill outlines numerous policy requirements across various sectors, including significant investment in renewable energy, green infrastructure, and affordable housing. It promotes sustainable transport, reduced consumption, and a managed phase-out of the fossil fuel industry with job guarantees and retraining for affected workers. It also advocates for public ownership models, strengthened workers' rights, and fair trade policies aligned with the Paris Agreement.

Government Spending

The bill mandates that any expenditure incurred in implementing the Act will be paid from money provided by Parliament. While specific figures are not provided, significant public investment is anticipated across multiple sectors, potentially offset by taxation reforms and reductions in defence spending. The exact financial implications will depend on the Green New Deal strategy developed by the Commission.

Groups Affected

The bill will affect numerous groups:

• Fossil fuel industry workers: Potential job losses, but with guarantees of retraining and new jobs in green sectors.
• Consumers: Changes in transportation, energy consumption, and product purchasing.
• Businesses: New regulations and incentives affecting operations and investment decisions, with potential opportunities in green technologies.
• Devolved administrations: Significant involvement in strategy development and implementation.
• Local governments: Increased responsibility for local decarbonisation plans.
• Low-income households: Potential benefits from improved housing, reduced energy costs, and social safety nets.

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