Comment on Treasury Committee Net Zero and Green Finance report

Commenting on a new Treasury Committee report on ‘Net Zero and the Future of Green Finance’, Dr Jonathan Marshall, Head of Analysis at the Energy and Climate Intelligence Unit (ECIU) said: “Following years of lagging behind the rest of government, MPs have piled further pressure on Treasury to throw its weight behind the net zero transition. With no more emissions targets left to set, the focus moves to delivery – for which Treasury buy-in is essential. Creating the markets and policy landscapes to mobilise billions of pounds of private sector investment into clean transport, industry and homes is an obvious place to start, and one that can ensure the UK’s journey to climate neutrality doesn’t hit Brits in the pocket.

“Seeking clarity on the total cost of net zero is fair, but any projections are highly uncertain and more than likely overestimates, as repeatedly seen in years gone by. Recreating policy successes that have slashed the cost of wind turbines and solar panels could make heat pumps and electric vehicles more affordable, addressing market failures would ensure clean industry is no longer held back, and funds to kickstart a home efficiency upgrade programme could keep a lid on long-term costs. These relatively simple actions from Treasury could ensure that UK Plc reaps the rewards of taking a global lead on climate action by locking in jobs and industries for decades to come.”