Dropping net zero targets could cut £200 off household electricity bills
Dropping net zero targets could cut up to £200 off household electricity bills, a new report claims. A huge £320 billion of savings could be made by abandoning plans for all electricity to be from clean sources by 2030, removing carbon taxes, and using a mix of nuclear, gas and renewables, according to the research by Onward.
The think tank said the change could see household energy bills fall by £200 a year by 2035. Tory leader Kemi Badenoch said: “Britain needs a serious plan to deal with climate change. Seriousness means looking at results, not simply setting targets and congratulating ourselves afterwards.
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy
"Current net zero targets have driven up energy costs, weakened our industrial base, and made us more dependent on energy imports, while doing too little to make the country more resilient to floods, droughts, and other consequences of the changing climate.
“This report shows what a common sense approach looks like. Unlike Labour, who are wedded to the old failing plans; or Reform, who still don’t believe climate change is happening, the Conservatives will protect our environment, protect our energy security and make energy cheaper.
"Our plan means using our own oil and gas in the North Sea, removing unnecessary costs from energy bills, and backing cheap, reliable, abundant energy for homes and businesses.”
Shadow energy secretary Claire Coutinho said the report was "a true costing of renewables which shows they are not cheaper when you take into account their full system cost".
She added: "It shows we can save consumers a whopping £320 billion on their energy bills over the next 20 years and still have electricity that is nearly 80% clean.
"Whether it’s for growth, living standards, AI or electrification, cheap electricity is the holy grail. These important findings must now be the basis for energy policy that works both for the economy and for climate.”
It comes as Prime Minister Andy Burnham is under pressure to give the green light to more oil and gas drilling, with a final decision due on the Rosebank oil field and Jackdaw gas field.
US President Donald Trump has repeatedly urged him to open up the North Sea, but he faces opposition from some Labour MPs.
But Labour donor Dale Vince admitted he has changed his mind on new oil and gas drilling.
The green energy entrepreneur said the PM should approve the Rosebank and Jackdaw projects if the oil and gas is subject to price controls.
Mr Vince had previously argued that more drilling “would be a betrayal of millions of us”.
Energy Secretary Miatta Fahnbulleh said: “By following Reform's lead, the Tories will tie Britain to the fossil fuel rollercoaster and keep bills higher for families.
“Labour is investing in more clean energy jobs, cutting tax on electricity bills to give families breathing space this winter and we’re taking action to tackle the climate crisis and bring down bills for good. Kemi Badenoch would put jobs at risk and increase bills.
“As global fossil fuel prices continue to rise amid conflict overseas and wildfires rage across the UK, we can’t turn our back on clean power. That won’t bring down bills and it won’t address the climate crisis. The Tories don’t have a clue."