Carbon Emissions: Costs
The question
To ask the Secretary of State for Energy Security and Net Zero, if he will publish a comprehensive balance sheet of direct, indirect and contingent costs associated with meeting net zero targets.
Answered by Katie White
The case for clean energy and climate action is stronger than ever. If we do not take action now, we will miss out on all the opportunities of the transition – including reducing our exposure to volatile fossil fuel markets, protecting bill payers, warmer homes, cleaner air, good jobs and increased access to nature.
This is an investment in our infrastructure, our economy and our future. The OBR has been clear that the economic costs of delayed or insufficient action are far larger than the investment requirements of a managed transition, and estimates that under a 3°C global warming scenario, UK GDP could be around 8% lower by the early 2070’s, compared to a no climate change baseline.
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