The Office for Budget Responsibility (OBR) estimates that meeting net zero in the UK will require about ยฃ1.4 trillion in total economy-wide investment over 30 years, with a net public cost estimated around ยฃ344 billion.
ยฃ344 billion. Just the sort of sum a country already drowning in debt can casually toss at a target that will not move the global temperature needle by a measurable fraction of a degree.
Britain produces about 1% of the worldโs emissions. China, India and the rest of the developing world are not pausing their coal programmes so that we can feel morally superior while retrofitting Victorian houses with heat pumps that struggle in a British winter and plastering solar panels across thousands of acres of land that should be used to grow food.
What net zero does produce, with impressive reliability (unlike wind turbines), is a guaranteed pipeline of contracts, subsidies, consulting fees and inflated asset values for a tightly ring-fenced group of developers, manufacturers and financiers who have mastered the art of converting net zero virtue into shareholder returns. The rest of us get the bills,higher standing charges and sanctimonious lecturing to โsave the planetโ.
We get hosepipe bans and told to switch the kettle off while massive data centres ruin scenic countryside and guzzle up our water and energy supply. The Labour government bans new oil and gas licences in the North Sea while importing ยฃbillions of oil and gas from Norwayโฆextracted from the North Sea. A net zero box of virtue is disingenuously ticked. But thousands of jobs in the North Easy of Scotland are lost.
ยฃ344 billion is not an investment in the climate. It is a transfer payment dressed up as virtue. The planet will barely notice. The companies on the receiving end certainly will.โโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโโ
We are being fleeced on something that wonโt make blind bit of difference except lining the pockets of a ringfenced group of corporations. Net zero is a gigantic virtue-scam at our expense.