NET ZERO COSTS UNDERREPORTED IN UK – Public bodies calculating net zero costs accused of downplaying data and omitting costs
Reaching net zero will cost Britain even more than feared, a report has found.
The gross cost to the UK economy of achieving the 2050 target could exceed even the highest official predictions of £7.6tn, an Institute of Economic Affairs (IEA) paper said.
The report said that previous estimates of the financial impact of net zero were based on “fantasy assumptions” of the cost of renewable energy and low-carbon technology.
David Turver, the paper author, said: “The various public bodies responsible for working out the costs of net zero have not been entirely truthful in their analysis. They have made fantasy assumptions about the cost of renewables and low-carbon technologies.
“The true cost of net zero is much higher than we have been led to believe. If we are to have a serious debate about net zero, the various public bodies need to be more transparent and frankly more honest.”
