Earlier this year the UK became the world’s first major economy to legislate to achieve net zero emissions by 2050. The Net Zero Review will look at how the UK can meet this target while maximising economic opportunities.
It will particularly consider how to ensure a fair balance of contributions from all involved, including how to reduce costs for low-income households.
The Treasury will consult widely for its report, drawing on evidence from experts and those who will be most affected by the transition to a green economy.
The review will be published in Autumn 2020, ahead of the UK hosting the UN Climate Change Conference in Glasgow.
Javid said: “We must all play a part in protecting the planet for future generations.
“This review is a vital next step in delivering that commitment, ensuring that we can end our contribution to global warming [without] placing unfair burdens on families or businesses.
“[It] will also consider how to ensure we can cut our emissions without seeing them exported elsewhere. Everyone will have an important role in making the transition successful.”
The Net Zero Review joins multiple other government actions against climate change, including quadrupling UK renewable capacity since 2010, investing £4.5 billion to support the development of renewable and low-carbon heating through the Renewable Heat Incentive, and investing nearly £1.5 billion to support electric vehicle uptake.
The review’s launch comes in the same week as Environmental Audit Committee chair Mary Creagh wrote to business, energy and industrial strategy secretary Andrea Leadsom asking for reassurance that a future government will make reaching net zero a priority, perhaps even beating its target date of 2050.
She wrote: “The government must show leadership and put its own house in order well before the national goal of net zero by 2050. Getting there by 2030 would set a real example in changing behaviour across business and society as a whole.”