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<p>Climate change is one of the most urgent and pressing challenges we face today,
and the UK is committed to tackling it. We have set a new net zero greenhouse gas
emissions target for the UK, to be delivered by 2050. This world-leading target will
bring to an end our contribution to climate change, and makes us the first major economy
to legislate for net zero emissions.</p><p> </p><p>We are taking steps to reduce dependence
on fossil fuels. We project that oil and gas will play a smaller role in meeting the
UK’s demand for energy over time, although there will continue to be a need for oil
and gas as we transition to a low-carbon economy. We have committed to introducing
legislation to phase out unabated coal-fired power generation in Great Britain from
1 October 2025 whilst supporting renewables. UK-wide coal consumption is now at its
lowest recorded level since the start of the industrial revolution and over half of
our electricity came from low carbon sources last year.</p><p> </p><p>The UK uses
a definition of fossil fuel subsidies developed with the EC and other G20 EU Member
States to respond to the G20 commitment to phase out such subsidies. The definition,
based on the approach of the International Energy Agency, is –<em> “A fossil-fuel
subsidy is any government measure or program with the objective or direct consequence
of reducing below world-market prices, including all costs of transport, refining
and distribution, the effective cost for fossil fuels paid by final consumers, or
of reducing the costs or increasing the revenues of fossil-fuel producing companies.”
</em>The UK has no fossil fuel subsidies.</p>
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