A new analysis by Net Zero Watch reveals that Net Zero policies are already costing every household over £2000 per year.
Spending programmes and the Emissions Trading Scheme together cost around £300, while green levies – mostly subsidies to renewables – are adding another £350.
Renewable energy also imposes a range of indirect costs as businesses pass on their costs to consumers, which may add up to another £600. Finally, there is a significant cost due to the constraints put on fossil fuel extraction in the UK.
Together, these figures add up to more than £2000 per household, a figure that will rise sharply as Net Zero plans moves to more problematic sectors of the economy.
Andrew Montford, Net Zero Watch’s deputy director, warns:
The government seems to have no grasp of the devastating energy crisis that is about to break. The personal finance expert Martin Lewis has warned of a cataclysmic energy emergency this autumn, but ministers are still pretending that the answer is to just go faster down the same road that has brought us to the brink of disaster. This is insane.”
Net Zero Watch director Dr Benny Peiser said:
Boris Johnson green dogmatism has shackled the government in a trap of their own making. This winter, the new Prime Minister will be faced with the worst energy cost crisis since WWII. Unless the new PM makes swift and radical policy changes ministers will be presiding over the biggest social and economic disaster in living memory – and will rightly be blamed for it.”