Context
The OBR report indicates an £803 billion cost for achieving net zero, with half attributed to lost fuel duties.
Question
I am concerned about the latest central estimate from the Office for Budget Responsibility that puts the cost of achieving net zero by 2050 at £803 billion, with half of this cost attributed to lost fuel duties. Does the Secretary of State accept that the Government will need to increase duties elsewhere, including on renewables, which could push bills up further?
Answer from Ed Miliband
The most significant thing about the OBR report is that it says there is an 8% threat to our GDP by 2070 in a 3°C world, and a 56% rise in the debt to GDP ratio if we do not act on climate change. That is the most important thing from that report, which I recommend all hon. Members read over the summer.
Not addressed: Did not address the question about additional duty increases and their impact on energy bills.
How: Redirecting To Broader Climate Impacts
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