This report presents the Committee’s advice on the fifth carbon budget, covering the period 2028-32, as required under Section 34 of the Climate Change Act 2008. The Committee recommends that the fifth carbon budget is set at 1,765 MtCO2e, including emissions from international shipping, over the period 2028-2032. That would limit annual emissions to an average 57% below 1990 levels. This balances a range of factors the Committee must consider, keeps the UK on its cost-effective path to the 2050 legislated commitment to reduce UK emissions by 80% on 1990 levels, and continues the UK’s historical rate of emissions reduction.