Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, what estimate his Department has made of the cost to (a) the public purse and (b) businesses and individuals to reach net zero in cash terms for each year from 2023 to 2050.
The distribution of the costs and benefits of the transition to net zero will depend on future policy decision. The UK's approach demonstrates that ‘green’ and ‘growth’ go hand in hand. The transition will help shield households and business from the destabilising effects of volatile fossil fuel markets and will provide huge opportunities for jobs, investment, innovation and exports.
Energy saving schemes have also been targeted towards vulnerable households and steps have been taken to protect exposed industries. The OBR has also set out that while unmitigated climate change would spell disaster, the net fiscal costs of moving to net zero by 2050 could be comparatively modest.