Lord Lawson has written to all MPs and Peers, asking them to withhold their approval for a controversial Net Zero emissions target until there has been proper consideration of the significant impacts this might have on the British economy.
In his letter of warning to MPs, Lord Lawson said:
The full economic impact cannot be understated, and yet ministers want to push this amendment through with little to no real scrutiny, in the form of a statutory instrument. Regardless of how you feel about the merits of decarbonisation, it is essential that Parliament has time to scrutinise new laws that are likely to result in astronomical costs.
The measure is being rushed through Parliament as part of Theresa May’s so-called ‘legacy’ in the form of a Statutory Instrument. This means it will only get cursory scrutiny and no impact assessment.
Both the Committee on Climate Change (CCC) and the Department of Business, Energy and Industrial Strategy have estimated that the cost could be well in excess of £1 trillion.
The CCC had advised MPs that the costs would be within the range approved by Parliament when it voted for the previous 80% target in 2008. However, the impact assessment for that target was only published after MPs had already voted on the Climate Change Bill. So Parliament has never had a chance to consider the costs of the Climate Change Act properly.
The Bill had envisaged that Britain’s actions would be imitated by other nations, but instead the opposite has happened. Global emissions have continued to rise, and in 2018 they rose at their fastest rate for 7 years.
Net Zero: How Much is a £trillion?