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Government handed £100bn energy revolution blueprint

  • Publish Date: Posted 2 months ago
  • Author: Steve Walia

​Prime Minister Liz Truss has been given a cost-slashing energy blueprint that could save £100 billion of British taxpayers funds by accelerating a green energy revolution. The plan changes the approach to hitting net zero, whilst cutting costs, boosting energy security, creating jobs, and slashing the previous assumption that 400 billion m3 of gas would need to be imported.

 

Under current blueprint plans, the UK could still need to spend a whopping £473 billion on damaging fossil fuels before 2050. But by decarbonising the economy to a faster timescale, the UK would remove this requirement.

 

The study was carried out by the IEEFA who researched a new and alternative pathway to zero carbon clean energy, finding that the UK could save £100 billion in bills to overseas gas suppliers. If the current route proposed by government energy advisors continues to be pursued, the country will waste billions of pounds, remain dependent on overseas imports and be left open to market volatility, the IEEFA has explained.

 

The government's climate change committee called on Britain to limit green gases and achieve net zero by 2050. The committee's advisors say that this target is ambitious and that it can only be done with stable, clear and well-designed policies that are implemented now and in a steady fashion.

 

But the IEEFA believes that the target falls far short of what is achievable - and desirable - particularly as it currently includes provisions which are reliant upon heavily expensive and volatile overseas gas. However, the proposed Future Energy Scenarios - Leading the Way, by National Grid SEO provides a comprehensive and alternative approach, with heavier investment in clean energy technologies, using money unlocked from gas spending.

 

Liz Truss is yet to comment on the report.