Climate change committee finds move to renewable energy would also bring health, economic and security benefits
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 option for the future economy, the Climate Change Committee (CCC) found.
Doing so would prevent the kind of shock that consumers are experiencing from the Iran war, which has sent the cost of oil and gas soaring to levels not seen since Russia’s invasion of Ukraine in 2022.
Reaching net zero would cost about £4bn a year, the CCC 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.
