Britain has beaten a climate target by 15 per cent – but it is no time to relax, ministers have been told.
The UK’s greenhouse gas emissions were comfortably within its “carbon budget” in the five years to 2022.
The budget is a cap on how much CO2 the UK can produce without falling behind in the race to net zero by 2050.
However, Britain’s climate change committee warned ministers not to treat the unused carbon budget as extra leeway in years to come.
In a letter to Graham Stuart, the minister in charge of net zero, it said the 15 per cent surplus was down to “predominantly external factors”.
These included lower transport emissions and reduced economic activity during the Covid-19 pandemic, it said.
“The path ahead is tougher and we risk losing momentum if future legal targets are loosened on a technicality,” said committee chairman Piers Forster.
“The UK is already substantially off track for 2030 and the government must resist the temptation to take their foot off the accelerator.”
A key improvement came from cleaner electricity, with Britain turning its back on coal power faster than had been predicted.
It helped Britain produce only 2,141 megatonnes of CO2 or equivalent in the five-year period, when 2,544 had been calculated in the carbon budget.
The targets become steeper as time goes on, with emissions meant to fall again to 1,950 megatonnes by 2027.
Britain must hand in a new five-year climate plan by 2025, taking into account the global battle plan agreed at the Cop28 negotiations in Dubai.
Despite the overall surplus there was a “lack of progress” in cutting emissions from cars and making heating more efficient, the committee said.
A shift to larger cars partly cancelled out a move to electric vehicles, which proceeded more slowly than hoped.
Reduced travel demand during the pandemic accounted for about 10 per cent of the emissions cuts.
Britain has pledged to reach net zero emissions by 2050 as part of a worldwide push to limit the warming of the planet to 1.5°C above pre-industrial levels.
Mr Stuart, who represented the UK at the Cop28 talks in the UAE, had taken soundings on whether the surplus could be carried forward.
Prime Minister Rishi Sunak has cited Britain’s progress towards net zero as justification for scaling back some green policies.
But the committee’s letter, signed by Prof Forster, said its “unequivocal advice” was that the next five-year budget should not be loosened.
“We need to build on our success to date by accelerating, not slowing down, emissions reductions in all sectors outside electricity supply,” it said.
Politicians are also being urged to consider the economic benefits of net zero, regarded as an overperforming sector in a weak UK business landscape.
Simon Cran-McGreehin, an analyst at the Energy and Climate Intelligence Unit, said relaxing targets would risk investment in the green sector.
“Beating the previous carbon budget was a fluke, with the pandemic and the gas crisis reducing energy demand and masking the UK’s slow progress on insulating homes and building out onshore wind,” he said.
“The net zero economy grew 9 per cent in the past year. If targets were effectively lowered, what signal does that send to global investors and where does it leave the UK’s energy security?”.
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Zayed Sustainability Prize
Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
UAE currency: the story behind the money in your pockets
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
THE SPECS
Engine: 3.5-litre supercharged V6
Power: 416hp at 7,000rpm
Torque: 410Nm at 3,500rpm
Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
On sale: now
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
UAE currency: the story behind the money in your pockets
Global state-owned investor ranking by size
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How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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