Targets
1. The Bill would put into statute the UK's targets to reduce CO2 emissions from a 1990 baseline by:
i. 60% by 2050 and
ii. 26-32% by 2020.
2. The draft Bill proposes establishing five-year carbon budgets, beginning with the period 2008-12. Binding limits on CO2 emissions will be set by the Government for each five-year budget period.
3. The targets can be achieved both through reducing emissions within the UK, and by purchasing carbon credits from overseas.
4. The Bill includes provisions for 'banking' and 'borrowing' between budgetary periods.
Committee on Climate Change
5. An independent statutory bodythe Committee on Climate Changewill be established to advise Government on the level of carbon budgets, as well as advising on the proportion of each target within a budget period to be achieved by CO2 reduction activity in the UK, and by overseas carbon credits.
Enabling Powers
6. The Bill contains enabling powers to introduce new trading schemes through secondary legislation.
Reporting requirements
7. The Committee on Climate Change will report annually to Parliament on the UK's progress towards achieving its targets and budgets. The Government response will also be laid before Parliament.
Reporting Progress on Adaptation
8. The Bill places upon Government the duty to report to Parliament on policies and proposals for adaptation to climate change no later than three years after enactment of the Bill, and then no more than every five years thereafter.
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