Energy and climate change secretary Ed Davey has confirmed that the government will not amend the Fourth Carbon Budget, resisting reported pressure from the chancellor George Osborne.

The announcement means that the carbon budget will stay at its existing level of 1950MtCO2 equivalent from 2023 to 2027.

In a statement, Davey said: “Having conducted a detailed review, it is clear that the evidence does not support amending the budget. Any revision now would be premature, especially in light of the ongoing negotiations in the EU to agree a domestic 40% GHG reduction target for 2030 by October this year based on the Commission proposals published in January 2014.

“As business groups have made clear, retaining the budget at its existing level provides certainty for businesses and investors by demonstrating government’s commitment to our long-term decarbonisation goals,” added Davey.

Taking to Twitter, a number of green groups, businesses and individuals welcomed Davey’s move:

Davey believes that the Fourth Carbon Budget demonstrates the UK’s commitment to hitting its target for an 80% reduction in emissions by 2050. Osborne had reportedly pushed for a watering down of the carbon budget in order to pave the way for new gas-fired capacity to expand during the 2020s.

“Today’s decision cements the UK’s place as a global leader in combating climate change, which will allow us to play a central role in delivering a global deal to combat climate change at the end of 2015,” concluded Davey.