Chris Stark, Chief Executive of the Committee on Climate Change, the UK’s independent statutory adviser, said the cost of moving to a low-carbon economy had come down significantly.
When the Climate Change Act was passed in the UK in 2008, the government estimated that the cost of meeting its then target of an 80% reduction in emissions
by 2050 would be about 2% of GDP over that period. The costs are now expected to be well below that.
Renewable energy prices have plunged in the last decade, putting solar and wind at lower cost than fossil fuels in many countries, spurring a global boom in clean power.
The International Energy Agency said there had been record growth in renewable energy installation in 2020, despite the Coronavirus pandemic and low oil prices.
In December, the Committee on Climate Change set out the costs and benefits of reaching net zero, and advice on the UK’s carbon budget, postponed from the summer owing to the Coronavirus crisis.
Read more at bit.ly/CCCcostdown