A report from the Committee on Climate Change said the sacrifice would be worth it 'given the consequences and higher costs of not acting'. It admitted that shifting to a 'low carbon economy' could cost 1 per cent of gross domestic product - the equivalent of ?14billion a year or ?500 per household - by 2020. But the committee insisted the target was essential to prevent dangerous global warming.
But the committee insisted the target was essential to prevent dangerous global warming.
The cuts could be met by more wind turbines, improved energy efficiency, electric cars and new nuclear power stations, said the advisers.
But electricity and gas bills would soar as renewable energy costs more than gas and coal.
Lord Turner said: 'Climate change poses a grave threat to human welfare, the environment and economy. We need to act now, in the UK and as part of a global agreement.
'It is not too late to tackle climate change but it will be unless the world takes action soon. Developed countries need to lead the way.'
However, expert Bjorn Lomborg described the targets as 'wishful thinking' as the UK has managed to reduce emissions by just 3.6 per cent since 1990. He also questioned whether other countries would follow Britain's lead.
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