Achieving net zero will be far more expensive than the public has been led to believe, economists have warned the Lords Economic Affairs Committee.
Transitioning to a low-carbon economy is “necessary” but much more expensive than people imagine, said former chief executive of the International Monetary Fund Olivier Blanchard.
He said governments would have to borrow more money to fund the shift to net zero, as paying for it purely through higher taxation was not politically feasible.
