The UK Climate Change Committee has called for the government to continue supporting cuts to greenhouse gas emissions, saying investment in decarbonising the country will lead to lower household bills and fewer of the energy price shocks that cause major economic slowdown.
An 87% cut on greenhouse gas emissions by 2040 was recommended as part of the committee's seventh carbon budget, including emissions from international aviation and shipping.
It says this should be largely done by a mass of small-scale actions such as replacing gas heating and petrol cars with electric alternatives, which the committee said was eminently achievable as similar moves had been happening in comparable countries like the Netherlands and Ireland and with adoptions of technology such as mobile phones, fridges and internet connections.
If this is done, annual household energy bills are predicted to be cheaper than today and energy security will increase, the committee said, with energy price shocks having been responsible for over half of economic recessions since the 1970s.
"If the country decarbonises against our balanced pathway and there was a spike in gas prices like the one following Russia’s illegal invasion of Ukraine, average household energy bills in 2040 would be 15 times less sensitive," the committee said.
Rather than focusing on the power sector that is already heavily decarbonised, committee chair Professor Piers Forster, said action was now needed in transport, buildings, industry and farming.
"This will create opportunities in the economy, tackle climate change, and bring down household bills."
"Our analysis shows that there is no need to pitch action on climate change against the economy," he adds, with the new carbon budget offering "a secure, prosperous future for the UK".