The UK’s net zero bill: £286bn
The cost of overhauling the UK’s transport and energy infrastructure to hit 2050 emission targets could reach £286bn, according to a new study.
Research firm Capital Economics carried out the analysis for Scottish Power, looking at how communities can help the country to reach the government’s net zero emission target by 2050.
The firm forecasts that reinforcing the electricity networks to meet growing demand will cost about £48bn, with even greater sums needing to be spent on transforming the country’s transport and heating systems, including installing electric vehicle charging points and adding heat pumps to homes.
The cost of overhauling the UK’s transport and energy infrastructure to hit 2050 emission targets could reach £286bn, according to a new study.
Research firm Capital Economics carried out the analysis for Scottish Power, looking at how communities can help the country to reach the government’s net zero emission target by 2050.
The firm forecasts that reinforcing the electricity networks to meet growing demand will cost about £48bn, with even greater sums needing to be spent on transforming the country’s transport and heating systems, including installing electric vehicle charging points and adding heat pumps to homes.
The report estimates that the UK will need more than 22.2m electric vehicle charging points by 2050, with about 2.6m of these in public places. The costs of installation will be close to £50bn, the report suggests. A further £192m will need to be spent on installing heat pumps in UK homes.
More than 10,000 jobs will be created though investment in decarbonisation, Capita Economics estimates.
Announcing the study, Scottish Power chief executive Keith Anderson said: “We know electricity demand will more than double as we move away from the fossil fuels that power our cars and heat our homes today.
“More power needs to be devolved locally so that communities have a stronger voice in plans to decarbonise their neighbourhoods. And investment needs to start now to meet the scale of the challenges we face. Crucially, to support the innovation and investment required to drive local priorities the government has to ensure all regulation has net zero as a guiding principle.”
Writing in the report, Frank Mitchell, chief executive of SP Energy Networks, said: “Becoming net zero offers us a huge economic opportunity. Many everyday activities will decarbonise and switch to all-electric technologies, and it’s essential for businesses and communities to start planning now for the transition to a cleaner and greener future.”
Read more on EG’s Sustainability Hub
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