Philip Hammond: Plan to slash emissions would cost £70bn a year

Rodiano Bonacci
Giugno 7, 2019

Philip Hammond has warned Theresa May that setting a new target to cut United Kingdom greenhouse gas emissions to net zero by 2050 would cost more than a trillion pounds and could make some of our key industries uncompetitive.

The chancellor recommended in a letter to the prime minister that the Treasury should carry out a review of the costs and impacts of the proposed target before the government committed itself to it. Plus, all homes and appliances being highly efficient.

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The government's current policy is to cut emissions by 80% over the same time period, which Hammond said was already off track. For any such targets to have credibility the government would need to have an "ambitious policy response".

"This would nearly certainly include increased government spending, meaning less money available for other areas of public spending", he wrote.

To reach net zero, the country would have to offset all carbon emissions with schemes such as planting trees or through processes such as carbon capture and storage.

The department for Business, Energy and Industrial Strategy have forecasted a cost of £70billion a year.

Mr Hammond wrote that gas boilers would need to be replaced by alternatives such as heat pumps which cost "three times more".

The Chancellor also said a total ban on diesel and petrol cars plus a tenfold increase in charging points to allow for increased use of electric vehicles would have to take place.

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