The UK will not be able to achieve zero carbon emissions on schedule as the UK government has failed to develop effective plans to encourage investment in key alternative technologies for the energy transition. This is reported Financial Times with reference to the parliamentary report.
The authorities have committed to phase out all fossil fuels from the energy grid by mid-2030 and achieve zero carbon emissions by 2050. However, the UK thwarted the plan to save the planet – the House of Lords Committee on Industry noted in its report that the ministers did not explain how the energy transition would be financed and what political and financial measures would be used to achieve these goals.
“There is no point in planning for a carbon-free future if you have no idea how you will get into it and with what means you will do it,” said Lord Clive Hollick, chairman of the committee.
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The House of Lords has urged the government to reconsider using government loans to fund long-term spending on energy infrastructure. The Lords also warned that the amount that the authorities planned to raise through special surcharges on electricity bills would not be enough to move towards clean energy. Moreover, bill increases will put pressure on consumers and hit low-income populations hard. The UK Climate Change Committee has estimated that from 2030 energy transition costs will be £50 billion a year.
The House of Lords also criticized British energy regulator Ofgem in a report for poor oversight of the energy market after a surge in gas prices led to the collapse of at least 29 suppliers. In addition, Ofgem’s poor performance “led to increased costs and uncertainty among consumers.” Regulatory officials noted that Ofgem “has played a key role in reducing carbon emissions over the past 20 years” and that it will continue to work with the government to achieve climate goals.
In January, Russian Minister of Economic Development Maxim Reshetnikov linked inflation in Europe precisely with the energy plans of the region’s countries. In his opinion, the ambitious decisions of governments related to the climate agenda have led to negative consequences for citizens.
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