Response to Chris Skidmore's net zero review
The Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science, and Professor Lord Stern, Chair of the Institute, respond to Chris Skidmore MP’s ‘Independent Review of Net Zero’, which was published today.
Professor Lord Stern said:
“Chris Skidmore and his team deserve great credit for carrying out a rigorous, robust, and inclusive review of the evidence on the economics of the UK’s net-zero transition. In particular, the review has argued convincingly that the transition to a net-zero economy is the growth opportunity of the 21st century, and the UK is well-placed to benefit from the increasing demand for net-zero goods and services, if it makes the right public and private investments. It also correctly highlights the critical importance of government creating an environment that is conducive to this investment by providing clarity, certainty, consistency and continuity of policy.
“I hope the Prime Minister and his government will respond to the review with the urgency and scale required to prevent this enormous economic opportunity from slipping through our fingers. This transition, and the investment and innovation it embodies, are at the core of the UK’s growth story for the coming decade.”
Bob Ward, the Institute’s Policy and Communications Director, said:
“This review was set up by Liz Truss to appease a tiny lobby of Conservative MPs who have been spreading misinformation about the UK’s net zero climate target.
“But the report published today has demolished their false claims that climate policies hurt the UK’s economy. In fact, the drive for net zero is reducing our dependence on ruinously expensive fossil fuels and instead is generating new jobs and growth across the economy.”
Esin Serin, Policy Analyst at the Institute, said:
“The review’s main strength is that it builds its conclusions on strong evidence and analysis, including our own gathered from a comprehensive consultation process led by the review team.
“We have found that the UK has comparative advantage in clean technologies overall and in some specific technologies, including offshore wind and carbon capture, usage and storage (CCUS), which have the potential to deliver especially high returns to public investment in innovation.
“I hope this review will reinforce transition efforts already underway and catalyse urgently needed further action for the successful delivery of the UK’s Net Zero Strategy.”