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• A number of countries, including the UK, have committed to move to a net zero emissions economy.
• Net-zero is formulated in law as cutting greenhouse gas emissions to at least 100% below 1990 levels by 2050. The 1990 greenhouse gas emission level for the UK was 810 million metric tons of carbon dioxide equivalent.
• So what is net zero in practice? Well, it literally refers to nil emissions. In many sectors of the economy, emissions can be brought down to zero by using specific technologies.
• For example, electricity can be generated using renewable and nuclear sources. The alternate sources can eliminate emissions completely by, say, making a transport system electric or hydrogen-based. Similarly, well-insulated homes and industrial processes can bring down sectoral emissions to absolute zero.
• Post Brexit, the Boris Johnson government in the UK aims to cut greenhouse gas emissions by 68% by 2030 as compared to the 1990 levels.
• However, reaching the target of net zero will incur high costs as the transition may not be quick and smooth, and will rely heavily on emerging technologies and people’s strategies.
• In 2019, the Committee on Climate Change (CCC) estimated that the total cost of getting to net zero would be around £50 billion a year. In the same year, the UK Treasury came up with an estimated figure of £70 billion per year.
• The UK government has adopted a ten-point plan, under which it will mobilise £12 billion of investment from its coffers towards its zero emission target.
• The UK government also wants the private sector to invest three times this amount in various projects in a bid to create and support up to 250,000 green jobs, it mentioned in its 10-point plan.
• The government funding is expected to support around 15 to 20 projects, with each bidder getting up to £1 million for their projects.
• The projects would include tech innovations to boost energy efficiency at homes, reduce carbon emissions and develop green transport.
• Besides projects to generate greener and cleaner power will be included.
• Companies based in the UK or operating here are taking the pledge and promising to hit net zero either by 2050, 2030 or even sooner, depending on the sector they belong to. For instance, car makers have decided to hit net zero by 2030.
