(CNN) The United Kingdom is planning to become the first major economy to reach zero carbon emissions by 2050, Downing Street said in a statement Tuesday.

Legislation aiming to achieve that will be laid out in Parliament on Wednesday and will amend the Climate Change Act passed in 2008.

The new law should ensure that United Kingdom is on track to become the first G7 country with legally binding plans for net zero emissions.

"Now is the time to go further and faster to safeguard the environment for our children," outgoing UK Prime Minister Theresa May said in a statement.

"This country led the world in innovation during the Industrial Revolution, and now we must lead the world to a cleaner, greener form of growth. Standing by is not an option."