A statement by Prime Minister Theresa May hinted that reduction in pollution, will also ultimately improve public health by cutting down NHS costs.
This legislation will mean that the United Kingdom is on track to become the first G7 country to legislate for net zero emissions, with other major economies expected to follow suit.
The Prime Minister expressed hope that other major economies would follow suit. However, it is imperative that other major economies follow suit and so for that reason, the United Kingdom will conduct a further assessment within 5 years to confirm that other countries are taking similarly ambitious action, multiplying the effect of the UK's lead and ensuring that British industries do not face unfair competition.
Mrs May also announced the establishment of a Youth Steering Group to advise on government priorities for the environment.
However the government has moved to confirm that a review will be conducted within five years of the target being set to confirm that other nations are taking similarly ambitious actions in a bid to ensure United Kingdom industries do not face "unfair competition".
May said: "As the first country to legislate for long-term climate targets, we can be truly proud of our record in tackling climate change".
"Now is the time to go further and faster to safeguard the environment for our children".
"Standing by is not an option". 'This is an ambitious target but it's one that is crucial for us to achieve and it will take us working across the whole breadth of society to do that, ' she said.
"Our report concluded that Net Zero is necessary, feasible and cost effective. The IPCC report also says we have 11 years to meet our Paris targets to avert catastrophic climate change". "Through our modern Industrial Strategy we're investing in clean growth to ensure we reap the rewards and create two million high-quality jobs by 2030".
The UK is already a centre for clean growth and innovation.
The committee published its recommendations for the government in May this year, suggesting the country introduces a ban on new petrol and diesel cars sales from 2035.
The target date for "net zero" emissions is the first set by a leading economy, and is a response to growing calls for action to tackle the climate emergency from faith groups, the Extinction Rebellion protesters (News, 18 April), and striking schoolchildren led by the Swedish teenager Greta Thunberg (News, 22 March). "The technology and approaches that will deliver net zero are now understood, which is crucial, but will need strong policy leadership to ensure they are implemented".
More than 10,000 people are expected in Westminster to speak to their MP about climate change as part of the Time Is Now mass lobby of Parliament on 26 June, organised by the Climate Coalition.
Under this act, the government has used the terminology "net zero" greenhouse gases by 2050.
"It will also consider the implications for our United Kingdom competitiveness". This legislation must be followed by a commitment to long-term policies that support decarbonisation across the economy.
If replicated across the world and coupled with near-term emissions reductions, there would be a greater than 50 percent chance of limiting the temperature increases to just 1.5 degrees Celsius - the "safe" upper limit identified by the UN's International Panel on Climate Change last October, the committee said.
"Using global credits within an appropriate monitoring, reporting and verification framework is the right thing to do for the planet, allowing the U.K.to maximise the value of each pound spent on climate change mitigation", the government statement said. With the pace of change we need to remember that our education system will need to evolve to train - and retrain - engineers so that they can thrive in this new world.