By Paul Homewood
Harrabin thinks £32bn is cheap!!
A landmark report says the UK can make major cuts to carbon emissions more cheaply than previously thought.
The Climate Change Committee says that, for less than 1% of national wealth, the UK can reduce 78% of emissions by 2035, based on 1990 levels.
This brings forward the UK’s clean energy timetable by 15 years – a previously unimaginable leap.
The report says the low costs for the transformation are due to new clean technologies also being more efficient.
The authors say people can play their part by eating less red meat, curbing flying, driving less and installing low-carbon heating.
They estimate the costs of the low-carbon revolution will scale up to an annual £50bn by 2030 from around $10bn today, with most being private investment.
By 2030, they estimate that some of these costs will be offset by fuel savings of £18bn.
CCC members say the targets proposed for the UK’s “carbon budget” period of 2033-2035 are definitely achievable, so long as the government moves urgently.
The advisory body says the shift to electric vehicles will prove cheaper than sticking with petrol cars because the former is about three times more efficient.
That means the government may need to claw back tax income by imposing pay-as-you-drive schemes.
But the committee warns that ministers will need to shield the poorest in society.
It will cost, for instance, an average of £10,000 to insulate a home and install low-carbon heating such as heat pumps. The report says the government must find £3-4bn a year to support households make the transition.
This is one of those reports where you don’t know whether to cry or cry!
Harrabin may think £32bn a year is a bargain, but that equates to £1185 for every home in the country. And even that figure is based on the highly dubious assumption that drivers will save £18bn a year on fuel by driving electric cars.
We have already seen that those who will rely on public chargers won’t save a penny, indeed they will almost certainly be worse off. And the calculation also assumes that the price of EVs reaches parity with ICEs by 2030.
And all of this is just the annual cost by 2035, when we are aiming for a cut in emissions of 78%. The CCC themselves have already admitted that the cost of going from this level of cut to Net Zero will be much greater.
I’ll be looking more closely at the CCC’s proposals in coming days.
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December 9, 2020 at 04:18AM