A Budget tagging tool designed to track UK spending on green policies found that an amount equivalent to just 0.01 per cent of the country’s GDP was allocated for green measures.
The Climate Change Committee (CCC) estimates that investment of approximately 1 per cent of GDP per year from the public and private sectors will be needed to deliver the transition to net zero carbon.
WWF also warned that the government is well below target if it wants to meet its policy of cutting emissions by 78 per cent by 2035.
Around £145m was allocated towards measures designed to tackle climate change, while policies that will drive up emissions, like the fuel duty freeze, equate to over £40bn.
WWF’s findings come just days after the publication of the latest IPCC report, which suggests the target to limit global warming to 1.5°C above preindustrial levels will be breached without “immediate, rapid and large-scale reductions in greenhouse gas emissions,” including a...