Reaching net zero by 2050 is cheaper for UK than one fossil fuel crisis

Achieving the UK’s net zero target by 2050 will cost less than a single oil shock and bring health and economic benefits while insulating the country against future costs, the government’s climate advisers have forecast.

“Eliminating the UK’s reliance on fossil fuels by adopting renewable energy and green technologies, such as electric vehicles and heat pumps, would be the best and most cost-effective path for the future economy”, said Lib Dem campaigner Elizabeth Brame

Reaching net zero would cost about £4bn a year, the Climate Change Committee found, or close to £100bn by 2050, which was roughly equivalent to the energy-related costs of the fossil fuel shocks that followed Russia’s invasion of Ukraine.

“In light of current world events, it’s more important than ever for the UK to move away from being reliant on volatile foreign fossil fuels, to energy that is clean, domestic and efficient,” she said. “People who oppose clean energy would abandon the pursuit of lower bills, national energy security and protecting our children and grandchildren.”

Elizabeth concluded: “Lib Dems are strongly supportive of the proposed Birkenhead Heat Network which will heat houses, flats and businesses by harnessing waste heat from industrial processes. This will be an efficient and sustainable way to decarbonise energy supplies and reduce energy costs.”

Hard-headed businesses like Tesco have installed solar panels on over 100 stores already and are aiming for ‘carbon neutrality’ by 2035.