Responding to Conservative Leader, Kemi Badenoch’s speech on Net Zero, Dhara Vyas, chief executive at Energy UK, said:
“Cutting emissions across our economy is about more than just the climate – investing in cleaner domestic energy production can lower costs for households and businesses, strengthen our energy security, improve public health and provide a huge economic boost.
“As the last few years have shown, it’s the volatile cost of fossil fuels and our dependence on them that have driven up energy bills for customers. The UK should remain a world leader in the energy transition, continuing to create economic growth and attract international investment in the technologies and the jobs of the future
“Of course we need honest conversations about how we fund the costs in a way that is fair to households and businesses – and this also needs to include a consideration of the potential price of inaction. Delaying upfront investment increases the eventual cost and rowing back on green measures added billions to bills during the gas crisis. The recent Climate Change Committee report estimated the net cost of reaching the target at around 0.2% of UK GDP per year on average – a significant but manageable cost, which has also fallen significantly.
“And much of this investment – an estimated 70% or £3 for every £1 from the public purse – will come from the private sector if we continue to show the same ambition. The risk is that any perceived reduction in commitment or ambition sees that investment and those economic opportunities go elsewhere and damages our own interests.”