Meeting emissions target will create jobs
Meeting emissions targets over the next 15 years will give a net boost to economic output of 1.1% and create an extra 190,000 jobs in the UK, according to experts.
Moves to cut carbon from the power sector, transport, homes and businesses will also reduce imports of oil and gas by £8.5bn a year by 2030, the study by Cambridge Econometrics in collaboration with Paul Ekins of University College London said.
It will increase Government revenues by £5.7bn a year by 2030 due to a stronger economy and improve the UK's energy security, the research for environmental charity WWF-UK showed.
Cutting pollution would also improve air quality, with significant benefits for health.
The reductions in emissions from road transport alone could reduce healthcare expenditure by between £96m and £288m a year by 2030, the report said.
The first four carbon budgets recommended by government advisers the Committee on Climate Change, which run up to the end of 2027, require a range of measures including slashing energy emissions by 90% by 2030.