The government is set to publish its climate change bill this Thursday, commencing a parliamentary process that could see legally binding emission reduction targets in place within six months.

According to Reuters reports citing a government source, the bill will be published to parliament on Thursday with a view to the legislation being fast tracked through the parliamentary process.

Under the new bill, the UK government would be legally obliged to follow five-year carbon budgets that would move the country towards achieving emission cuts of at least 60 per cent by 2050 and between 26 and 32 per cent by 2020.

Speaking following the announcement of the bill in the Queen's Speech last week, a spokeswoman for Defra said the government was committed to pushing the bill through parliament quickly and was aiming to attain Royal Assent by the spring.

As well as delivering legal emission reduction targets, the new law would also establish an independent committee on climate change to monitor the government's progress and advise on how best to meet the targets, and extend emissions trading to incorporate large organisations, such as supermarkets, hotels and government departments.

The news comes as the Treasury today announced the formation of a new carbon markets expert group to act as an industry liaison between the government and the burgeoning global carbon trading industry.

Speaking at the International Carbon Markets Conference Exchequer, Secretary to the Treasury Angela Eagle said that the new group would provide a valuable " sounding board" for the Treasury as it explores ways to expand and develop a global carbon market already estimated to be worth $30bn a year.

Adam Nathan, director of communications for the Carbon Markets Association, welcomed the move, adding that it was essential that finance ministries move to support the development of efficient carbon markets. "Now more than ever it is important that finance ministries work in harmony with environment ministries to design a global system that delivers efficient reductions in emissions," he added.