The government's current plans to achieve net zero by 2050 will cost £4.5 trillion, three times as much was previously thought, according to a report by a think-tank.
A government spokesman told the Epoch Times that "we simply do not accept these figures."
Three Times The EstimateThe report estimated that the probable costs will be at least £4.58 trillion, well over three times the CCC’s estimate of £1.3 trillion. Mr. Stewart described this as a "best-case scenario."
He added that the UK is a "global outlier in terms of the strength of its net zero commitments."
Though despite the fact has already cut emissions harder and faster than almost all other developed nations, its emissions in a global context "are minimal," and less than 1 percent of the global total.
The UK is also one of the very few countries to tie net zero objectives into law with statutory obligation "regardless of feasibility or cost," with the Climate Change Act.
£6,070 for every householdThe £4.58 trillion figure, which the report claims, will cost £6,070 for every household, as opposed to the 6th CCC budget of £1,776 per household per year.
The CCC put the cost of decarbonising the electricity grid at £334 billion. Civitas says this is underestimated as the body assumes, in part, that a "Moore’s Law" of renewables will operate at over two times the carbon improvement rate over the last 100 years.
UnprovenHe listed other reasons why the CCC's total capital expenditure of Net Zero is likely to be a "substantial underestimate."
Some of these included that they "largely ignore the capital cost of early obsolescence and replacing existing infrastructure." Furthermore, he noted that the CCC report was prepared in 2020 when interest rates were 0.1 percent as opposed to 5.25 percent today.
Mr. Stewart said that the UK "may wish to maintain an aspiration of net zero, as many others have done" and it "should continue to innovate."
"But to drive a potentially four and a half trillion pound project-based on technology that in many cases is unproven, risks the very fabric of the UK economy and genuine societal hardship," he added.
2050 targetA Department for Energy Security and Net Zero spokesperson told The Epoch Times by email, “We simply do not accept these figures."
"The report fails to recognise the financial savings from lower fuel costs and technological advances – such as offshore wind costs falling by 70 per cent more than we projected in 2016," the spokesman added.
These figures reflect the whole economy cost of the transition, the OBR said.
The Epoch Times contacted the Climate Change Committee (CCC) for comment.