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In a new report from the Energy & Climate Intelligence Unit (ECIU), the costs to UK households of not reducing emissions to net zero are calculated: this is intended to challenge criticisms of the costs of net zero policies by making clear that not taking action has greater economic consequences.
The report argues that climate impacts are costly to the UK economy, and delays to the rollout of renewable energy and insulation schemes also mean households incur costs they needn’t be incurring: these are the costs of not zero
If the UK had not delayed in deploying renewables, insulation, rooftop solar panels, heat pumps and electric vehicles, some households could have saved around £1,750 on bills in 2022. Plus, homes are facing more than £400 extra in food bills this year because of the impact of climate change and oil and gas prices on the farming and food system. This amounts to a potential £2,150 added to household bills.
Labour’s energy policies are popular, but concerns around energy costs are growing again