Net Zero was actually introduced by the Conservative Party in 2019. It was Prime Minister Theresa May who introduced the policy in June of that year, by amending the Climate Change Act of 2008.
The report, entitled “Firm Foundations” claims that the cost of Net Zero will reach around £540 per year between 2030 and 2050. It utilised modelling by consultancy Transira Energy and compares a possible trajectory of current policy against an alternative policy pathway. The figure cited by the report is based on a total divided by the amount of bill payers, rather than a forecast of future savings.
However, the claims made by the report are widely disputed.
UK Energy Secretary Miatta Fahnbulleh said that the plan to scrap Net Zero would “tie Britain to the fossil fuel rollercoaster and keep bills higher for families.”
“Labour is investing in more clean energy jobs, cutting tax on electricity bills to give families breathing space this winter and we’re taking action to tackle the climate crisis and bring down bills for good. Kemi Badenoch would put jobs at risk and increase bills” added Ms Fahnbulleh. “As global fossil fuel prices continue to rise amid conflict overseas and wildfires rage across the UK, we can't turn our back on clean power. That won't bring down bills, and it won't address the climate crisis. The Tories don't have a clue.”
Jess Ralston from the Energy and Climate Intelligence Unit (ECIU), pointed out in his response that gas and nuclear would not guarantee lower energy costs, but that renewable energy has already reduced wholesale electricity prices.
Ellie Mae O’Hagan, Programme Leader for the UK Energy Team at the climate change think tank E3G responded to the report by saying that the British public aren’t fools and that people have seen their energy bills shoot up because the price of gas has skyrocketed since Russia invaded Ukraine in 2022.
“All in, that one gas price crisis has cost the UK economy £183 billion - and now we have the crisis in Iran threatening to raise bills again” added Ms O’Hagan. “Not only that, climate change is driving the recording-breaking temperatures that are causing schools to close, hospitals to overheat, crops to fail, and people to die of heatstroke. This is the worst possible time to keep us hooked on these expensive dirty fuels - and yet that's exactly what the Conservatives say they want to do.”
E3G and ECIU assessed the costs of the fossil fuel energy crisis to the UK economy and households. The study concluded that dependency on fossil fuels has cost the UK economy an additional £183 billion in the last four years.
Other critics of the report’s conclusions included the UK Green Party and Dale Vince, founder of wind power firm Ecotricity.
E3G is an independent think tank working to deliver a safe climate by identifying barriers and constructing coalitions to advance the solutions needed.
For additional information:
Energy and Climate Intelligence Unit (ECIU)
Onward report: Firm Foundations: The case for cheap and reliable power
