Net Zero Costs Could Exceed £7 Trillion – IEA

From NOT A LOT OF PEOPLE KNOW THAT

By Paul Homewood

Another dagger in the heart of Net Zero.

From the Telegraph:

Reaching 2050 target could exceed even highest official predictions of £7.6tn amid ‘faulty assumptions’

Reaching net zero will cost Britain even more than feared, a report has found.

The gross cost to the UK economy of achieving the 2050 target could exceed even the highest official predictions of £7.6tn, an Institute of Economic Affairs (IEA) paper said.

The report said that previous estimates of the financial impact of net zero were based on “fantasy assumptions” of the cost of renewable energy and low-carbon technology.

Lord Frost, the head of the IEA, said the low estimates were also the result of “heroic assumptions” of the cost of household technologies such as heat pumps and electric cars.

David Turver, the paper author, said: “The various public bodies responsible for working out the costs of net zero have not been entirely truthful in their analysis. They have made fantasy assumptions about the cost of renewables and low-carbon technologies.

“The true cost of net zero is much higher than we have been led to believe. If we are to have a serious debate about net zero, the various public bodies need to be more transparent and frankly more honest.”

The Government’s approach to reaching net zero has come under increasing scrutiny over the last year, with pressures to go further on green policy from inside Labour.

On Monday night, the Department for Energy Security and Net Zero said it rejected the IEA analysis, which it said ignored the costs of “staying on the fossil fuel roller-coaster”.

Full story here.

No longer is Miliband arguing about lower costs. His only defence of the craziness is avoiding the volatility of fossil fuel prices, the roller-coaster as they call it.

Instead he wants to us into much higher costs for 20 years.