UK sets world's first carbon budgets

 The UK this week became the first country in the world to bind itself into an ambitious long-term framework to limit its greenhouse gas emissions.

Announcing the UK's first three ‘carbon budgets' alongside his fiscal Budget, the Chancellor also set out new measures designed to help low carbon industries capitalise on the opportunities presented by the UK's legally binding target to cut greenhouse gas emissions to at least 80% below 1990 levels by 2050.

The Chancellor announced:

• Legally binding carbon budgets for the first three five-year periods 2008-2012, 2013-2017 and 2018-2022. 
• A revised target to reduce emissions to at least 34% below 1990 emissions by 2018-22. 
• Aim to meet the carbon budgets announced today through domestic action alone, and consistent with this, setting a zero limit in the non-traded sector on offsetting through international credits for the first budget period. 
• Commitment to tighten the budget after Copenhagen this December, once we have a global climate change agreement.
  
  Energy and climate change secretary Ed Miliband said:

"Meeting carbon budgets will require emission reductions across the whole UK economy.  We are on course to meet the first carbon budget, a 22% cut by the end of 2012 compared to 1990.  The package of measures set out by the Chancellor today is good for the environment, good for jobs and good for energy consumers, helping ensure that Britain's recovery and long term future is low carbon and secure."