Analysis by the Global Warming Policy Foundation has found the cost of reaching the Government’s “Net Zero” carbon emissions target will be astronomical for the UK economy. The cost of decarbonising the electricity system and domestic housing alone in the next three decades will cost over £2.5 trillion pounds. This soars to over £3 trillion when manufacturing, transport and agriculture are included – equivalent to £100,000 per household or £100 billion every single year.

The reports set out the “stark” conclusions that there are relatively few avenues to strip out carbon from the economy, leading to inevitably drastic measures in a short amount of time, such as stripping out all gas central heating systems in the country. Each tonne of carbon abatement will cost “hundreds of pounds”, far higher than the cost of damage done by CO2 emissions, which is estimated to run to £30 or £40 per tonne.

Freedom of Information requests cast huge doubt on the Government’s official Committee on Climate Change estimates that Net Zero will cost “around 1–2% of GDP by 2050.” The committee refused to release its calculations, and remarkably admitted it had not calculated the resource cost for each year between 2020 and 2049. Meaning the Government is embarking on this project without any of its own costings…

GWPF director Benny Peiser told Guido that

“Although the Committee on Climate Change claims that net zero can be achieved at modest cost, they have now quietly admitted that they have not actually prepared any detailed costing. Unfortunately, Parliament seems to have taken them at their word, and we are now embarked on a project that risks to bankrupt the country.”

The Net Zero project was rushed through with no proper discussion or costings having been carried out. After the obscene spectacle of HS2 costs more than tripling over the last decade, Guido would have thought the Government would take more care over this enormously expensive decarbonising project that is pushing ahead with next to no scrutiny…