Net zero will cost Britain’s economy £60bn and the global economy as much as $3.6tn (£2.8tn), the Organisation for Economic Cooperation and Development has warned.
The cost of eliminating coal use and cutting back sharply on oil and gas will take 0.2 percentage points off global GDP growth in the coming years, said the OECD.
The group said the cost could come as billions would be needed to be spent on infrastructure, including solar and wind farms.
The OECD said the “substantial investment must be maintained through 2050” and said the costs would increase “fiscal pressure” on public finances.
The announcement came as world leaders at COP28 agreed a roadmap to move away from fossil fuels.
