The UK will miss its net zero carbon targets unless the government puts public money behind home improvements.
A parliamentary report has warned that ministers have no “credible plans” to drive investment in key alternative technologies, such as heat pumps.
The study by the House of Lords industry and regulators committee added that the government had failed to explain how the transition will be funded or what policies and financial incentives it will use to deliver on targets to reduce emissions, despite committing to decarbonise the power grid by the mid-2030s and reaching net zero carbon emissions overall by 2050.
“There is no point planning a carbon-free energy future if you haven’t got a clue how you will get there or how it will be paid for,” said Lord Hollick, the Labour peer who chairs the committee.
The report urged the government to review its opposition to the use of state borrowing, warning that the amount that can realistically be raised via surcharges on energy bills would not be enough to pay for the net zero transition.
Piling costs on to energy bills would also put unfair pressure on consumers already bearing the brunt of soaring energy prices and would fall disproportionally on low-income groups, the committee said.
