The true cost of Net Zero could exceed official estimates by trillions, according to a fresh report by the Institute of Economic Affairs. The think tank predicts it could cost Brits £9 trillion by 2050. Over the weekend the National Energy System Operator predicted it would be £7.6 trillion…
The IEA notes that NESO leaves out the cost of carbon emissions and bases its sums on ultra-optimistic borrowing rates for wind and solar – 5% and 5.2% – lower than the current 30-year gilt yield of 5.3%. Meanwhile, the Climate Change Committee is still insisting Net Zero will only cost £108 billion. And that’s the quango that advises the government on Net Zero…
New IEA Director General Lord Frost said:
“We can now see it was sold to the public on the basis of fantasy numbers…The whole of Net Zero badly needs a proper rethink before it kills off more of British industry and leaves British households permanently subject to unreliable supply and higher bills.”
And they said enjoying the breeze and the sunshine was free…
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