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<p>The UK is the G20 leader in reducing the carbon intensity of its economy, and is
using a range of policy levers – including spending and taxes – to support the UK’s
transition to a low-carbon economy.</p><p> </p><p>The Clean Growth Strategy set out
significant investment by the Government in decarbonisation including £2.5 billion
to support low carbon innovation from 2015-2021, £4.5bn to support development of
renewable and low carbon heating through the Renewable Heat Incentive and £1 billion
to support the uptake of ultra-low emissions vehicles. In addition, government has
supported the deployment of renewable electricity projects, with annual consumer support
now reaching over £10bn.</p><p> </p><p>HMT has accepted the Committee on Climate Change’s
(CCC) recommendation to conduct a review into the costs and benefits of transitioning
to a net zero economy. The Review will consider how to achieve this transition in
a way that works for households, businesses and public finances.</p><p> </p><p>Carbon
pricing has helped to drive down UK emissions, in particular from the power sector,
and will continue to play an important role to help meet the UK’s legally binding
carbon reduction commitments, which are unaffected by leaving the EU.</p><p> </p><p>The
government is considering long-term options for carbon pricing including the possibility
of linking a UK greenhouse gas emissions trading system with the EU ETS. As announced
at Budget 2018, in the event the UK leaves the EU without a deal, the Carbon Emissions
Tax would be introduced.</p>
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