Weakening the zero net policy ‘spook investors’, warns the climate advisor of the United Kingdom | Renewable energy

The weakening or evolution of zero net policy would dissuade investors and scare the financial markets, warned the new climate counselor of the British government.

Nigel Topping, recently appointed President of the Climate Change Committee (CCC), said that there was a “solid evidence” that the United Kingdom would economically benefit from a strong climate policy, despite calls from certain politicians to retreat.

He said: “The business world wants solid and stable political signals and the task is not good for investment. We see it right now in the United States with a huge brain leak and a capital drain, because the whole sectors are developed or even attacked.”

Coherence in the direction of British policy in the past 20 years – when successive workers and conservative governments have promised to continue with the fight against the climate crisis, until the Prime Minister of Rishi Sunak – benefited the economy, he said.

In his first interview since his name in July, Topping said: “It was a real strength of the United Kingdom. This is one of the main reasons to be concerned with the fragmenting political consensus, it is if we are starting to point out to the world that we are going to switch, like the United States.”

The government could do more to reduce the price of electricity for consumers, which would benefit households and businesses, he added. Currently, the way in which the private electricity market in the United Kingdom means that the price of electricity is generally set by the price of gas, which has been high and volatile.

“The thing that causes high costs is now gas,” said Topping. “The very high gas prices have been added to the loan because the government had to support companies and citizens.

“We are therefore very convinced that there are large economic savings, in particular on electrification, which gives a great advantage in efficiency. And there is a massive advantage of energy safety. Our energy imports will reduce more than 75%. ”

Market reforms and the change in green statements which are currently under the electricity in general taxation, would lower prices through the economy, he argued.

Drawing on fossil fuels also stores problems, he said. A future increase in gas prices could add 13% of the GDP to our loans, according to the Office of Budget Liability.

The garnish, 59, rejected the arguments that the extraction of more gas from the North Sea would help.

“It is a basin down of the terminal, it will reduce by 85% by 2050 anyway. So why would you do it? There is no way to save 200,000 jobs in the North Sea, which is sometimes declared,” he said.

Since gas prices are set internationally, greater British production would not make energy cheaper. The expansion of production would also affect the credibility of the United Kingdom on Climate Action, he said.

Topping, which spent 18 years in manufacturing before switching to climatic advocacy in 2007, was the United Nations high -level champion for climate action at COP26 in Glasgow in 2021.

“The evidence is very strong that we can do [net zero] And it will be for a significant benefit of the economy, both macroeconomically and microeconomically, “he said.

“Like any investment, there is an initial cost. Our advice shows that it represents approximately 0.2% of GDP [most of which will come from the private sector]. But at the back of the next decade [from 2035] You collect the benefit.

Although it cannot prescribe policies, the garnish can give large directional advice. The most recent evaluation of the CCC on progress towards the 2050 net zero objective revealed that the United Kingdom was recovering on the right track in several areas, after years of inadequate policy under the conservatives.

But there are still figures in the Labor government who want to weaken zero net policy, to echo the positions taken by the conservatives under Kemi Badenoch and Reform UK.

There were rumors in Westminster that Keir Starmer’s advisers wanted Ed Miliband, energy security secretary, moved to the recent reshuffle, but he resisted.

Faced with the opposition of the right, the surpassing insists that politics should be based on facts and evidence. “If stories are developed that are not saved by evidence, we must be very cautious,” he said.

The United Kingdom could even reach Net Zero from 2045, believes Topping – although it is not official CCC advice. Other greenhouse gases would take a little more time but could still be reduced to Net Zero by 2050, he said.

Despite the instructions taken by the reform and the conservatives, the garnish sees a strong climate action mandate from the British public.

“The proof that we see is that people recognize that daring and strong measures must be taken,” he said, noting that the CCC has been closely involved in citizens’ panels.

“The majority is favorable to the action and wishes to be explained and want it to be fair.

“What concerns us are developed arguments that are not supported by solid evidence for political purposes, and we will therefore make sure that we find that we provide evidence that allows people to make informed decisions according to solid evidence.”