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The world s first carbon budget

UK Chancellor of the Exchequer, Alistair Darling has presented what he calls "the world's first carbon budget" in his recent Budget speech to the House of Commons this week. In addition to pledging support for Britons during the global recession, the Chancellor made a number of pledges to cut the nation's carbon emissions by as much as 34 % by 2020.

The carbon budget pledge £435 million for energy efficiency building initiatives. Additionally, he has set aside £525m of new financial support over the next two years for off-shore wind projects, hoping to rapidly kick start wind projects to begin supplying energy for some 3 million households.

"The credit squeeze is holding back major offshore wind projects," Darling said, addressing the Deputy Speaker. "We must build on Britain's status as the world leader in offshore wind power generation."
He also expects to use £405 million of new funding, to encourage low carbon energy and advanced green manufacturing that will drive the application of new technology and invest in small scale projects.
UK financial markets and stocks eased as the Chancellor presented his budget, according to the Wall Street Journal. He estimated that the economy would contract by 3.5% in 2009 but said "saving energy is the easiest and cheapest way to cut carbon emissions - and also saves people and business money."

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