Net zero

‘The climate transition presents a historic investment opportunity,’ says BlackRock CEO Larry Fink. ‘What the financiers, the big banks, the asset managers, private investors, venture capital are all discovering is: There’s a lot of money to be made in the creation of these new [green] jobs,’ chimes in presidential climate envoy John Kerry.  Fink concedes that the economy remains ‘highly dependent’ on fossil fuels. He also asserts that BlackRock is ‘carbon neutral today in our own operations’. It’s a claim open to challenge. ‘If a company or individual says to me they are net-zero, I know it is complete crap,’ tweeted Glen Peters, research director of the Oslo-based Centre for International Climate

‘We cannot allow debt to keep rising’, the Chancellor said to Parliament last week, repeatedly emphasising the need to ‘level’ with the public about the size of the national debt. Strange then that just days later it was revealed that ministers have been doing the opposite when it comes to the costs of the fashionable cause of ‘Net Zero’. Instead government officials deliberately hid ‘more realistic’ estimates which showed Net Zero would cost billions more than publicised, while agreeing amongst themselves that the predicted costs were ‘highly uncertain’.  These revelations came about after the Treasury was finally defeated in a two-year battle to prevent me seeing documents I’d requested under the Freedom

There is nothing wrong with the general direction of policy contained within the government’s ten point plan to cut carbon emissions, announced today. Who doesn’t want clean energy and more energy-efficient homes and vehicles? The problem is the perverse target which lies at its heart: the legally-binding demand, laid down in the Climate Change Act, to cut carbon emissions to net zero by 2050. This is so badly defined that the government’s ten point plan becomes really little more than a manifesto to export much of British industry, food production and power generation. The UK’s definition of carbon emissions, as used in the Climate Change Act, covers only ‘territorial’ emissions

When the Committee on Climate Change (CCC) launched its report on the feasibility of entirely decarbonising the UK economy, we were told the expense involved was manageable. The CCC’s chief executive Chris Stark explained that the project ‘carried a cost – of one to two per cent of GDP – which was affordable’. His claims were noted approvingly by MPs during debates in Parliament on whether to enshrine a ‘net zero’ emissions target in law. While others complained about the lack of a clear cost-benefit case, CCC chairman Lord Deben put aside these concerns. He told the Lords: ‘the report has been recognised universally as the most seriously presented, costed