In October 2021, the UK government published its Zero Net Carbon strategy; a series of measures, targets, and deadlines aiming to “decarbonise all sectors of the UK economy to meet our net zero target by 2050”. In this article, we will explain what net zero means, outline the key objectives and planned measures, and consider what this might mean for property developers.
What does ‘net zero’ actually mean?
With the effects of the increase in the global temperature already clearly evident in the form of droughts, flooding, and fires reported across the world, it has never been more apparent that the issue of climate change must be addressed. According to a report by the Intergovernmental Panel on Climate Change (IPCC) in 2018, human-induced global warming reached approx. 1°C above pre-industrial levels in 2017. The same study warns of the consequences should we fail to limit this continuing increase in temperature to 1.5°C.
Among the possible risks are an impact on water availability, heat extremes, the bleaching of the coral reefs, and more. The IPCC calls for a strengthened global response, and for the UK government, this response is the Net Zero Strategy. The strategy aims to reduce climate-damaging emissions and decarbonise all sectors of the UK economy, from transport to agriculture. The government’s strategy report claims that, with greenhouse gas emissions having been reduced by 44% since 1990, the strategy represents the government’s attempt “to finish the job and end the UK’s domestic contribution to man-made climate change by 2050”.
What are the key measures to be implemented in order to achieve the set targets?
In order to break what is a long-term strategy into “bite-sized chunks”, the strategy defines interim targets concerning a number of key carbon-producing sectors. Below is an overview of the government’s key commitments…