UK markets closed
  • FTSE 100

    7,608.08
    +6.23 (+0.08%)
     
  • FTSE 250

    18,279.42
    +180.74 (+1.00%)
     
  • AIM

    726.18
    +1.20 (+0.17%)
     
  • GBP/EUR

    1.1533
    -0.0015 (-0.13%)
     
  • GBP/USD

    1.2201
    -0.0005 (-0.04%)
     
  • Bitcoin GBP

    22,248.12
    +89.60 (+0.40%)
     
  • CMC Crypto 200

    579.66
    +0.90 (+0.15%)
     
  • S&P 500

    4,288.05
    -11.65 (-0.27%)
     
  • DOW

    33,507.50
    -158.84 (-0.47%)
     
  • CRUDE OIL

    90.77
    -0.94 (-1.02%)
     
  • GOLD FUTURES

    1,864.60
    -14.00 (-0.75%)
     
  • NIKKEI 225

    31,857.62
    -14.90 (-0.05%)
     
  • HANG SENG

    17,809.66
    +436.63 (+2.51%)
     
  • DAX

    15,386.58
    +63.08 (+0.41%)
     
  • CAC 40

    7,135.06
    +18.82 (+0.26%)
     

Ofgem welcomes new net zero mandate

Energy regulator Ofgem has welcomed a new plan to give it a mandate to help Britain reach its climate change targets.

The watchdog said that, for the first time, its objectives will directly align the interests of consumers across the country with the UK’s plan to get to net zero by 2050.

The change comes in an amendment to the Government’s energy Bill.

Until now Ofgem has been tasked with protecting the interests of existing and future gas and electricity consumers.

It has also been told to protect these customers’ interests by reducing greenhouse gas emissions in the supply of gas and electricity.

But now it will be tasked with protecting future consumers’ interests by supporting the Government to reach its 2050 net zero target.

Ofgem chief executive Jonathan Brearley said: “Our fundamental objective will always be to protect the interests of existing and future consumers. It is at the heart of everything we do.

“Ofgem welcomes this mandate, which brings us in line with the UK Government’s legal obligations and, for the first time, directly links consumers’ interests to specific net zero targets.

“We’re clear consumers are best protected by building a low-carbon, low-cost energy system, scaling up long-term investment and stabilising prices with clean energy.

“The mandate sends a clear message: we must end our historic dependency on fossil fuels and stop our exposure to volatile global markets.

“We’re laying the foundations for the energy system of the future.

“The net zero mandate has overwhelming backing from every part of the energy industry, consumer campaigners and climate activists. It underlines net zero is the best option, not only from a climate perspective, but to ensure a secure, low-cost energy future.”

Greenpeace UK’s policy director, Doug Parr, said: “We’re glad that the Government has seen sense on this. Ensuring the UK’s energy regulator has a legal requirement to help meet our emissions targets is critical to getting more renewables into our energy mix.”