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<p>On 27 June, a new, legally binding target to reach net zero greenhouse gas emissions
by 2050 came into force. This will require ambitious action across the economy building
on our Clean Growth Strategy. Whether it is through our global offshore wind industry,
our leadership on green finance, or our unrivalled research base leading the charge
on electric vehicles, we are showing the economic benefits of how cutting emissions
can help to grow our economy.</p><p> </p><p>In the power sector, this will mean significant
expansion in low carbon electricity generation, with important roles for renewables,
carbon capture usage and storage, and nuclear power. We are already taking action
to deliver this through the offshore wind sector deal, a commitment to bi-annual allocation
of Contracts for Difference for renewable electricity generation with the third allocation
round launched on 29 May, the nuclear sector deal, our review of the viability of
a Regulated Asset Base (RAB) funding model for new nuclear power stations, and the
CCUS action plan. The planned Energy White Paper will set out more detail on the policy
framework that supports our ambitions.</p>
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