The financial implications of the UK’s commitment to achieving net zero carbon emissions by 2050 have come under scrutiny, with a recent report revealing a staggering cost projection of over £4.5 trillion.
That’s according to a new report by think tank Civitas, which indicates that the cost could translate into an annual charge of more than £6,000 per household until 2050.
This projection significantly diverges from earlier estimates, such as those provided by the Climate Change Committee, which had suggested a price of approximately £1.3 trillion.
Ewen Stewart, the author of the report, called this “a highly expensive exercise with no obvious benefit to the public or the climate, given the UK is responsible for less than 1% of all global emissions”.
Mr Stewart added: “Expenditure on this level and costs imposed on society requires the consent of the governed.”
Responding to the report, a spokesperson for the Department for Energy Security and Net Zero challenged the findings.
They highlighted the government’s approach, which they describe as more pragmatic and proportionate, emphasising the potential for economic growth, job creation and the fulfilment of international commitments.