Claims of Major Underestimation
A new study reveals that households in the UK could face a net zero bill of £6,070 every year until 2050, a figure more than triple the official estimates. According to the report by the Civitas think tank, the total cost of achieving carbon neutrality could reach a staggering £4.5 trillion, which is 12 times the cost of tackling the Covid pandemic.
Potential Financial Meltdown
Economist Ewen Stewart, the author of the report, warns that the true cost of the UK's net zero approach has been concealed from the public. This lack of transparency could potentially plunge the country into a financial meltdown, he claims. Stewart criticizes the legally enforced approach, stating that it has little regard for the wider economic and societal impact.
Vast Underestimation of Costs
The report suggests that the independent Climate Change Committee has vastly underestimated the cost of achieving net zero. The original forecast for power generation, including doubling electricity output, was £334 billion. However, the Civitas report estimates the cost at £883 billion plus £639 billion in financing costs. Similarly, the cost of achieving carbon neutrality for domestic transport is projected to be as high as £455 billion, which is significantly higher than the committee's estimate of £331 billion.
Impacts on Property and Agriculture
Making domestic and non-residential properties carbon neutral is expected to cost £750 billion, according to the report. This figure is significantly higher than the earlier estimate of £360 billion. Additionally, major changes in farming and food production will be required to tackle the ten percent of the UK's carbon emissions contributed by the agricultural sector. As a result, average annual grocery bills are predicted to rise to £4,273, up from £3,234.
"Unimaginable Costs"
Tory MP Craig Mackinlay, a member of the Net Zero Scrutiny Group, has criticized the high costs associated with achieving net zero. He points out that the UK only contributes one percent of global CO2 emissions and suggests repealing legislation that supports the net zero target.
