U.K. Sets Out Sweeping Plan to Reach Net-Zero Emissions

The U.K. unveiled its net-zero strategy on Tuesday as it tries to showcase its green credentials ahead of key climate talks later this month. It will move taxes from electricity to gas, fund carbon-capture, and offer grants for cleaner home heating.

It estimates the cost of the transition could be 1-2% of GDP by 2050, and moving away from fossil fuels will also hit tax revenue. The government expects the strategy to create 440,000 jobs by 2030, and wants to leverage 90 billion pounds ($124 billion) of private investment on the same time frame.

Here’s a breakdown of the measures so far:

Lower Power Bills

The U.K. aims to make electricity bills cheaper, by shifting environmental levies onto gas as part of efforts to encourage electrification.

“We want to reduce electricity costs so when the current gas spike subsides we will look at options to shift or rebalance energy levies” away from electricity to gas “over this decade,” it said in a strategy document.

It will also look at expanding carbon pricing as part of the review.

Carbon-Free Power by 2035

The government aims for power generation to be carb…

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