Action needed in all sectors to reach the UK net zero target

And, while the UK still leads the G20 in having the most rapid decarbonisation rate since 2000, at 3.7%, the current rate of progress has slowed and the gap to meet climate targets is widening. 

Achieving the required 9.7% decarbonisation rate would demonstrate that delivering net zero emissions is possible and create a pathway to carbon neutrality that other countries could follow, says PwC. However, the UK needs to act fast and match its stated ambition with a robust and broad roadmap for change. 

The majority of the UK’s recent emissions reductions have come from the phase-out of coal, but this trend is neither sustainable nor sufficient – these emissions reductions can only be banked once, says PwC. Between 2012 and 2016, peak coal phase-out years, that the UK achieved an annual average rate of decarbonisation of 6.9%, but it was only in 2014 that the UK achieved the 9.7% required decarbonisation rate for net zero. 

Achieving net zero will require action and a transition of every sector of the UK economy, says PwC. The electrification of sectors such as transport and heating needs to be met by the scaling up of renewables and increased investment in clean energy sources, advanced storage solutions, and smart grids. Negative emissions technologies such as carbon capture and storage will need to be scaled up, and improved agriculture and land use practices will be critical for removing carbon from the atmosphere and restoring carbon sinks. 

Currently the UK is making limited progress outside of the power and industry sectors. However, businesses are increasingly adopting ambitious climate commitments and demonstrating climate leadership – over 1,000 companies have signed up to initiatives such Science Based Targets and RE100, while nearly 100 companies have committed to more ambitious decarbonisation to reach net zero by 2050, says PwC.