The Government are in no doubt that the we face an environmental and climate emergency—from climate change to biodiversity decline, from poor air quality to plastic pollution—which requires urgent action. The decisions we make today will affect the future of our planet for generations to come.
The Government’s approach is defined not by the words we use, but by the actions we take. That is why, in October last year, we commissioned the independent Committee on Climate Change to provide advice on the implications of the Paris agreement for our long-term emissions reduction targets, and why the Government have now responded to that advice by setting a new legally binding target for net zero greenhouse gas emissions by 2050, via an amendment to the Climate Change Act that came into force on Thursday 27 June 2019. This will bring an end to the UK’s contribution to the emissions that cause climate change.
This latest action builds on the leading role we have taken in solving global environmental challenges, as we move towards a cleaner, resource efficient, more resilient and environmentally sustainable form of economic growth.
The UK was the first country in the world to introduce legally binding long-term emission reduction targets through the Climate Change Act 2008. Between 1990 and 2017, we reduced our emissions by 42 per cent while growing the economy by 72 per cent. We have been independently assessed by PwC as leading the G20 in decarbonising our economy since 2000. The independent International Energy Agency has recently stated that the UK is a world leader in decarbonisation of energy supply, both in terms of actual emissions reductions and ambitions set out in our future carbon targets.
We are continuing this proud record of action; we are now the first major economy in the world to have legislated for a net zero target. This commitment has been made possible by many years of hard work from Members across both Houses of Parliament and beyond.
Clean growth is at the heart of our modern industrial strategy, backed by the UK’s biggest ever increase in public investment in research and development. Whether it be through our global offshore wind industry, our leadership on green finance or our unrivalled research base that is leading the charge on electric vehicles, we are showing the economic benefits of cutting emissions while growing our economy. Low carbon technology and clean energy already contribute more than £44 billion to our economy every year. We already have almost 400,000 jobs in the low carbon economy and its supply chain, and by one estimate this could grow to two million jobs in 2030.
We are taking clear steps to build on this leadership and meet our future carbon budgets, building on our clean growth strategy. Last year we published our Road to Zero strategy, which sets out a clear pathway to zero emissions from road transport, alongside plans to develop one of the best charging networks in the world. In the power sector, £92 billion has been invested in clean energy since 2010, and earlier this year we published the £250 million offshore wind sector deal, which commits the industry to providing a third of electricity by 2030. We are continuing to improve the route to market for renewables, by making up to £557 million available for further contracts for difference, with £65 million budgeted for the latest allocation round 3. And the Chancellor announced the future homes standard, ensuring that by 2025 all new homes are future-proofed with low carbon heating and world-leading levels of energy efficiency.