Britain sets 87% emissions reduction target by 2040

By Susanna Twidale and William James

LONDON, June 2 (Reuters) - Britain on Tuesday set a target to cut emissions by around 87% by 2040 from 1990 levels as it increases efforts to meet net zero goals that it says will help to curb energy costs and create jobs, but it has yet to outline how the goal will be met.

Reducing carbon emissions would be consistent with international efforts to curb rising global temperatures and the Labour government says cleaner energy can help to insulate the country from fossil fuel price volatility, which has been exacerbated by the Iran war.

“As Britain faces the second fossil fuel shock of the decade, the only way to protect family and business finances is to drive for clean homegrown power that we control," energy minister Ed Miliband said in a statement.

This year's surge in energy prices as a result of unprecedented supply disruption in the Middle East follows a previous fossil fuel price spike around the time Russia began its invasion of Ukraine in 2022.

Millions of households are expected to face a 13% increase in energy bills from July after regulator Ofgem hiked its price cap due to a leap in wholesale gas prices.

TECHNOLOGY SHIFT AND LESS MEAT

Fossil fuel price rises have stoked divisions in Britain and elsewhere between those calling for more oil and gas drilling and others seeking much more use of renewable energy.

Meeting the government's emissions goal would likely require major investment in low carbon technology, including renewable power, heat pumps and electric vehicles and significant lifestyle changes such as reduced meat consumption, the Climate Change Committee said last year, when recommending the target.

Aviation emissions also need to fall, which would require less flying unless the development of sustainable fuel can be accelerated.

Last year the opposition Conservative Party withdrew its support for the 2050 net zero target, calling it impossible.

So far Britain's greenhouse gas emissions have fallen by around 54% from 1990 levels, including a 2% year-on-year fall in 2025. That was largely due to a drop in industrial sector emissions after blast furnace closures in the iron and steel sectors.

The government said its support of clean power will help to create jobs. It cited a report by the Energy and Climate Intelligence Unit, backed by analysis from the Confederation of British Industries Economics, also published on Tuesday showing the net zero economy supports more than 1 million jobs in the country.

A plan for delivering the emissions reduction would be published as soon as possible once parliament had approved the target, the government said.

(Reporting by Susanna Twidale and William James; editing by Sarah Young and Barbara Lewis)