Along with Civitas, 55 Tufton Street also houses the climate-sceptic lobby group the Global Warming Policy Foundation and its campaigning arm Net Zero Watch. These groups previously attempted to spark an “honest debate about the cost of net-zero” in 2020.
The Civitas report claims to offer a “realistic” £4.5tn estimate of the cost of reaching net zero emissions by 2050 and says “the government need to be honest with the British people”.
This estimate is much higher than the figure produced by the government’s official adviser, the Climate Change Committee (CCC), which has said that reaching net zero would require net investments of £1.4tn by 2050. Note the difference between Civitas’s “costs” and the CCC’s “net investments”. The CCC also found that reaching net zero would generate savings in the form of lower fossil fuel bills worth £1.1tn, resulting in a net cost of £0.3tn.
In his report for Civitas, Stewart adopts the well-worn climate-sceptic tactic of simply ignoring these savings. He also ignores what the Office for Budget Responsibility has called the potentially “catastrophic economic and fiscal consequences” of unmitigated climate change.
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Unfortunately the report’s author has confused power capacity in megawatts (MW) with electricity generation in megawatt hours (MWh). As a result, he presents a distinctly unrealistic “£1.3m per MWh” figure for the cost for onshore wind power. The true number is around £50-70/MWh – more than 10,000 times lower. He then compounded his embarrassment by mixing up billions with trillions.
Truly classic. :) Cherry-pick a method that doesn't see many things, mess even that up twice, and get quite a bit of media coverage for the botchery, before it's called out.