We have published our advice on the Seventh Carbon Budget. It is in line with previous Government commitments – the Fourth, Fifth and Sixth Carbon Budgets, international commitments, and the Net Zero commitment in 2050.
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Electrification makes up 60% of emissions reductions by 2040. This includes decarbonising the grid and replacing fossil fuelled cars and heating systems with electric alternatives.
We’ve looked at what this means for a household. We commissioned a citizen’s panel and have thought about what this means for each one of us over the next 25 years.
This will require initial investment, but we expect to start seeing savings in the Seventh Carbon Budget period. We think it’ll cost about 0.2% of GDP from now to 2050. This is less than we thought when we last gave advice in 2020.
Around 65-90% of the required investment will be paid by the private sector. But we will need targeted public investment too. It’s important that policymakers ensure this money goes in the right place - to unlock private investment.
In many key areas of the transition the way forward is clear. Globally, the world now invests almost twice as much in clean energy as it does in fossil fuels, with clean energy investment expected to reach $2 trillion in 2024.
By 2050, if our pathway is delivered against, annual household energy bills are predicted to be ~£700 cheaper than today, and household driving bills are predicted to be ~£700 cheaper than today.
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https://cambridgetownowl.com/2025/02/27/why-did-the-seventh-carbon-budget-ignore-trams-and-light-rail/