PwC has commented on the UK Government’s net zero strategy, after it set out how the it will deliver on its commitment to reach net zero emissions by 2050.
The government said it plans to “unlock” £90bn in investment in 2030 on its path to ending its contribution to climate change by 2050.
It comes as the UK prepares to host the UN COP26 summit next week.
Dan Dowling, PwC partner, said: “Achieving net zero by 2050 will require innovation and transformation at an unprecedented scale and speed, with new delivery models needed to achieve the scale of change set out in the net zero strategy paper.
“This level of scaling is beyond the reach of the government alone and businesses, policymakers, organisations and consumers all need to take a more assertive approach, to collaborate with a shared sense of urgency.”
He added: “PwC estimates that £400 billion will need to be invested in green infrastructure and renewable energy sources over the next ten years, if the government’s 2050 target is to stay on track. The government’s investment will catalyse some of the early action needed, but more will be needed as the strategy evolves.”
“Alongside investment in the green industrial revolution, investment in skills and local delivery models will be key, especially to help tackle the levelling up agenda by harnessing the best assets of the whole of the UK. The scale of the challenge is immense but with the right investment in green skills and technology we have the opportunity to create a new and green economy.”