Net Zero to Cost UK £1 Trillion
£1 TRILLION. It's an amount of money that it's impossible to begin to comprehend, but it's what the UK's political elite are already committed to spending in trying to meet their insane 'Net Zero' target by 2050.
Governments will have to pay an average of around £6billion a year between 2025 and 2050 to help millions switch from fossil fuel boilers to greener heat pumps. At current prices, that means every household paying £1,450 on average in taxes or inflated bills every single year. That's at current prices, but of course they're sure to rise steeply as time goes on.
In addition, the private sector will have to spend up to £35billion annually – which will be passed on to households via bills – to expand and decarbonise the nation's energy network.
This involves increasing the electricity grid's capacity to meet growing demand as transport and home-heating systems are weaned off gas and oil. The cost also includes connecting the grid with renewable energy sources such as solar and wind farms, electric car chargers, building substations and erecting pylons and laying cables.
The study, by government advisers at the National Infrastructure Commission (NIC), estimates that more than £2trillion will have been ploughed into Britain's energy system by 2050.But they say that half of that would have been spent if the network remained the same as it is today.
NIC chairman Sir John Armitt said 'stable public funding' will be crucial 'particularly to help households with the upfront costs of an energy transition that will lead to long-term benefits and cheaper bills'.
He called the assessment 'probably the most comprehensive yet of the infrastructure costs associated with reaching net zero'.
Sir John added: 'The public pay for infrastructure as taxpayers and bill payers – and so we must be open with them about the costs as well as the benefits.' Around 80 per cent of the country's energy demands are met at present by gas and oil, primarily from fossil-fuel based electricity generation.
If they were going to be truly 'open', they'd admit that the whole Net Zero target is not only ruinously expensive and impossible to achieve, but that it is also completely pointless.
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