Carbon price must rise in order to hit emissions target

Once reluctant for business to take on the burden of combating climate change, the CBI will give warning that the Government is likely to miss its target of cutting carbon emissions by 20 per cent by 2020, but could meet a later 2050 target.

The CBI argues that the 2050 target, of cutting emissions by 60 per cent, is achievable only if climate change becomes a shared national priority.

A report by a CBI taskforce published today and based on research by McKinsey claims the measures needed to address climate change present a huge opportunity for UK businesses to become world leaders in environmental technology, a vast emerging industry which the CBI claims could be worth $1 trillion in the first five years if governments can agree on an international framework to reduce carbon emissions.

Times of London