The total additional cost of achieving net zero by 2050 in the UK could be similar to the cost of a single fossil fuel price shock like that seen in 2022, according to the Climate Change Committee.
The independent statutory body said its analysis found that reaching net zero would be more cost-effective for the UK economy than continued reliance on fossil fuels.
It added that benefits from the transition could outweigh costs by between 2.2 and 4.1 times for every pound spent.
The findings form part of a new report accompanying the committee’s 2025 advice on the UK’s Seventh Carbon Budget.
The report said avoiding climate damages would represent the largest economic benefit, estimated at between £40bn and £130bn in 2050.
It also found that energy losses in a net zero system could fall to £30bn a year compared with around £60bn annually in today’s energy system.
“There has been a lot of public interest in the cost of transitioning to a low carbon economy,” said Nigel Topping (pictured), chair of the Climate Change Committee.
“In light of current world events, it’s more important than ever for the UK to move away from being reliant on volatile foreign fossil fuels, to clean, domestic, less wasteful energy.”