Budget: 'Carbon budget' targets 34% emissions cut
Chancellor Alistair Darling outlined a series of green stimulus measures today as he set the world's first ever "carbon budgets" which will require the UK to cut its emissions by more than a third by 2020.
Claiming Britain's economic recovery must be "sustainable and protect the environment", Mr Darling announced £1 billion in funding to tackle climate change.
In the Budget he committed millions of pounds of extra funding and financial incentives for energy saving measures in homes and businesses, offshore wind and low carbon technology.
Alongside the conventional Budget, the Chancellor also outlined the first three new carbon budgets, legally required under the Climate Change Act, which will lead to cuts in the UK's emissions of 34% by the end of the next decade.
He said the budgets would "give industry the certainty needed to develop and use low carbon technology - cutting emissions, creating new businesses and jobs".
And he announced £405 million in new funding to encourage the development of low carbon energy and "advanced green manufacturing" in the UK.
There was also £435 million of extra support to deliver energy efficiency measures in homes, businesses and public buildings, which he said would save both carbon and money.
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With the credit crunch putting the squeeze on attempts to further develop the UK's offshore wind capacity, the Chancellor said an extra £525 million over then next two years would be raised through the Renewables Obligation, which funds clean energy through an industry levy.
And in a bid to tackle the emissions from coal and gas fired plants, the Chancellor said a new funding mechanism would finance between two and four projects which tested the use of technology which captures and stores carbon underground.