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How will this affect the average citizen's wallet? To gauge the impact of the 80 per cent target on the UK population, New Scientist approached Cambridge Econometrics, a consultancy known for its modelling of the European economy. The firm used historic economic data to predict the impact of emissions reductions on prices in over 40 categories of goods and services. It compared the impact of the 80 per cent cut with a baseline scenario in which the government takes no action other than the limited emissions restrictions already in place as a result of the Kyoto protocol.

Most of the price hikes are a consequence of rising energy costs, in part because coal and gas are replaced by more expensive low-carbon sources. The price of electricity is projected to be 15 per cent higher in 2050 compared with the baseline. In today's prices, that would add around £5 onto typical monthly household electricity bills. It will also result in higher prices elsewhere, as every industrial sector uses electricity.

But electricity and other forms of energy make up only a fraction of the price of most goods. Other factors - raw materials, labour and taxes - are far more important. The energy that goes into producing food, alcoholic drinks and tobacco, for example, makes up just 2 per cent of the consumer price. For motor vehicle purchases and hotel stays, the figure is 1 per cent. Only for energy-intensive industries does the contribution climb above 3 per cent: for example, energy's share of land and air travel costs is 6 and 7 per cent respectively.

As a result, most products cost just a few per cent more by 2050. At current prices, going low-carbon is forecast to add around 5 pence to the price of a loaf of bread or a pint of beer. The price of household appliances such as washing machines rises by a few pounds.

There is one major exception to the pattern. Airlines do not currently have a low-carbon alternative to jet fuel. Unless one is found, they will bear the full burden of carbon pricing, and average fares will rise by at least 140 per cent - raising the cost of a typical London to New York return trip from around £350 to £840.