Report Finds UK £220 Billion Worse Off Due to Net Zero Policies

A new report by energy consultant Kathryn Porter critiques the UK's net zero policies, arguing they have resulted in significantly higher electricity costs due to political choices rather than international gas prices, with consumers paying billions annually for environmental levies and renewable curtailments. Porter estimates that the UK would be approximately £220 billion better off by 2025 if it had continued using gas-power systems rather than pursuing net zero, challenging claims that gas prices drive household bills. Concurrently, a study from UK and French academics warns that UK oil and gas companies may underestimate financial risks from the net zero transition, including increased operational costs, reduced access to finance, and stranded assets, particularly impacting smaller firms. Despite political and economic debates, public and professional confidence appears split: while some politicians and reports argue net zero targets are unrealistic and economically damaging, a recent survey shows over half of UK project professionals are confident the 2050 net zero goals will be met due to corporate and industry actions. Critics emphasize the importance of considering the high costs of not achieving net zero, citing climate impacts like flooding, and note that scientific consensus supports the necessity of reaching net zero by 2050 to limit dangerous global warming. Overall, the UK’s net zero ambitions remain a contentious issue, balancing economic concerns, industry challenges, and climate imperatives.