The UK has been among the most successful countries in the developed world in growing its economy while reducing emissions. Since 1990, the UK Government has cut emissions by 42 per cent' while our economy has grown by two thirds². This means that we have reduced emissions faster than any other G7 nation, while leading the G7 group of countries in growth in national income over this period³. This progress has meant that the UK has outperformed the target emissions reductions of its domestically set first carbon budget (2008 to 2012) by one per cent and projects that it will outperform against our second and third budgets, covering the years 2013 to 2022, by about four per cent and six per cent respectively. In doing so, we also expect to over-achieve our international commitments under the Kyoto Protocol. The UK economy is expected to grow by 12 per cent over that time, representing a significant achievement. The UK has made progress across every sector of our economy. This progress has been aided by the falling costs of many low carbon technologies, resulting in new high value jobs, industries and companies. This progress has altered the way that we see many of the trade-offs between investing in low carbon technologies that help secure our future but that might incur costs today. It is clear that actions to cut emissions can be a win-win: cutting consumer bills, driving economic growth, creating high value jobs and helping to improve quality of life.