diff --git a/config/carbon_impact_rates.json b/config/carbon_impact_rates.json
index 6e0e0600..ff9e0db8 100644
--- a/config/carbon_impact_rates.json
+++ b/config/carbon_impact_rates.json
@@ -18,85 +18,85 @@
       "Year": "2021/22",
       "Cap Do Nothing Intensity": 3.648, 
       "Ops Do Nothing Intensity": 4.49,
-      "Cap Target Reduction Rate": -19.20,
-      "Ops Target Reduction Rate": ""
+      "Cap Target Reduction Rate": -9.00,
+      "Ops Target Reduction Rate": -9.00
     },
     {
       "Year": "2022/23",
       "Cap Do Nothing Intensity": 3.55,
       "Ops Do Nothing Intensity": 4.37,
-      "Cap Target Reduction Rate": -26.92,
-      "Ops Target Reduction Rate": -2.50
+      "Cap Target Reduction Rate": -13.50,
+      "Ops Target Reduction Rate": -13.50
     },
     {
       "Year": "2023/24",
       "Cap Do Nothing Intensity": 3.41,
       "Ops Do Nothing Intensity": 4.2,
-      "Cap Target Reduction Rate": -34.24,
-      "Ops Target Reduction Rate": -5.00
+      "Cap Target Reduction Rate": -18.00,
+      "Ops Target Reduction Rate": -18.00
     },
     {
       "Year": "2024/25",
       "Cap Do Nothing Intensity": 3.27,
       "Ops Do Nothing Intensity": 4.03,
-      "Cap Target Reduction Rate": -41.36,
-      "Ops Target Reduction Rate": -7.50
+      "Cap Target Reduction Rate": -22.50,
+      "Ops Target Reduction Rate": -22.50
     },
     {
       "Year": "2025/26",
       "Cap Do Nothing Intensity": 3.17,
       "Ops Do Nothing Intensity": 3.91,
-      "Cap Target Reduction Rate": -46.40,
-      "Ops Target Reduction Rate": -10.00
+      "Cap Target Reduction Rate": -27.00,
+      "Ops Target Reduction Rate": -27.00
     },
     {
       "Year": "2026/27",
       "Cap Do Nothing Intensity": 3.17,
       "Ops Do Nothing Intensity": 3.91,
-      "Cap Target Reduction Rate": -51.20,
-      "Ops Target Reduction Rate": -12.50
+      "Cap Target Reduction Rate": -31.50,
+      "Ops Target Reduction Rate": -31.50
     },
     {
       "Year": "2027/28",
       "Cap Do Nothing Intensity": 3.17,
       "Ops Do Nothing Intensity": 3.91,
-      "Cap Target Reduction Rate": -54.30,
-      "Ops Target Reduction Rate": -15.00
+      "Cap Target Reduction Rate": -36.00,
+      "Ops Target Reduction Rate": -36.00
     },
     {
       "Year": "2028/29",
       "Cap Do Nothing Intensity": 3.17,
       "Ops Do Nothing Intensity": 3.91,
-      "Cap Target Reduction Rate": -57.30,
-      "Ops Target Reduction Rate": -17.50
+      "Cap Target Reduction Rate": -40.50,
+      "Ops Target Reduction Rate": -40.50
     },
     {
       "Year": "2029/30",
       "Cap Do Nothing Intensity": 3.17,
       "Ops Do Nothing Intensity": 3.91,
-      "Cap Target Reduction Rate": -60.00,
-      "Ops Target Reduction Rate": -20.00
+      "Cap Target Reduction Rate": -45.00,
+      "Ops Target Reduction Rate": -45.00
     },
     {
       "Year": "2030/31",
       "Cap Do Nothing Intensity": 3.17,
       "Ops Do Nothing Intensity": 3.91,
-      "Cap Target Reduction Rate": -63.00,
-      "Ops Target Reduction Rate": -22.50
+      "Cap Target Reduction Rate": -49.50,
+      "Ops Target Reduction Rate": -49.50
     },
     {
       "Year": "2031/32",
       "Cap Do Nothing Intensity": 3.17,
       "Ops Do Nothing Intensity": 3.91,
-      "Cap Target Reduction Rate": -63.00,
-      "Ops Target Reduction Rate": -25.00
+      "Cap Target Reduction Rate": -54.00,
+      "Ops Target Reduction Rate": -54.00
     },
     {
       "Year": "2032/33",
       "Cap Do Nothing Intensity": 3.17,
       "Ops Do Nothing Intensity": 3.91,
-      "Cap Target Reduction Rate": -63.00,
-      "Ops Target Reduction Rate": -27.50
+      "Cap Target Reduction Rate": -58.50,
+      "Ops Target Reduction Rate": -58.50
     }
   ]
 }
diff --git a/spec/presenters/pafs_core/carbon_impact_presenter_spec.rb b/spec/presenters/pafs_core/carbon_impact_presenter_spec.rb
index 05e621f5..b715d838 100644
--- a/spec/presenters/pafs_core/carbon_impact_presenter_spec.rb
+++ b/spec/presenters/pafs_core/carbon_impact_presenter_spec.rb
@@ -163,8 +163,8 @@
 
   describe "#capital_carbon_target" do
     it "calculates target with reduction rate applied" do
-      # 9000 * 3.27 * (1 + (-0.4136)) / 10000 = 9000 * 3.27 * 0.5864 / 10000
-      expect(presenter.capital_carbon_target.round(4)).to eq(1.7258)
+      # 9000 * 3.27 * (1 + (-0.225)) / 10000 = 9000 * 3.27 * 0.775 / 10000
+      expect(presenter.capital_carbon_target.round(4)).to eq(2.2808)
     end
   end
 
@@ -174,8 +174,8 @@
     end
 
     it "calculates target with reduction rate applied" do
-      # 50000 * 3.91 * (1 + (-0.1)) / 10000 = 50000 * 3.91 * 0.9 / 10000
-      expect(presenter.operational_carbon_target).to eq(17.595)
+      # 50000 * 3.91 * (1 + (-0.27)) / 10000 = 50000 * 3.91 * 0.73 / 10000
+      expect(presenter.operational_carbon_target).to eq(14.2715)
     end
   end
 
@@ -369,7 +369,7 @@
 
   describe "#display_capital_carbon_target" do
     it "returns formatted carbon target with units" do
-      expect(subject.display_capital_carbon_target).to eq("1.73 tonnes")
+      expect(subject.display_capital_carbon_target).to eq("2.28 tonnes")
     end
 
     it "returns 'not provided' when start_construction_year is nil" do
@@ -405,7 +405,7 @@
   describe "#display_operational_carbon_target" do
     it "returns formatted carbon target with units" do
       allow(project).to receive(:carbon_operational_cost_forecast).and_return(12_345)
-      expect(subject.display_operational_carbon_target).to eq("4.34 tonnes")
+      expect(subject.display_operational_carbon_target).to eq("3.52 tonnes")
     end
 
     it "returns 'not provided' if operational_total_project_funding is nil" do