Energy sector condemns Conservative Party’s reevaluation of net zero 2050 target

The Conservative Party made reaching net zero by 2050 a legal commitment through a law passed by former prime minister Theresa May in 2019. The net zero pledge is for the UK to reduce carbon emissions until as much is removed as is produced, echoing the 2015 Paris Climate Agreement.

Badenoch gave her Policy Renewal Programme Speech today, 18 March, in which she described net zero by 2050 as “impossible”.

She said: “It’s fantasy politics. Built on nothing. Promising the earth. And costing it too.

“As a society, we are – or we have been – trying to do two things at once. Keep energy costs down, whilst reducing our impact on the environment.

“These are both noble aims.”

She continued: “I want a better future and a better environment for our children but we have to get real.

“Anyone who has done any serious analysis knows it cannot be achieved without a significant drop in our living standards or worse, by bankrupting us.

“Responsible leaders don’t indulge in fictions which are going to make families poorer.

“Or mortgage their children’s future. Without the rest of the world doing the same, we are making our country less safe, less secure and less resilient.”

Receiving questions after her speech, Badenoch further hinted at the possibility of the Conservative’s dropping net zero altogether.

“It may be that there’s a better way of delivering net zero or it may be that we shouldn’t be looking at net zero but just focusing on clean energy and energy security, and there’s a different way of doing that,” she said.

Energy sector response

Major players in the energy industry have hit out at Badenoch’s comments claiming that the future she envisions for the UK is a fantasy in itself.

Energy UK chief executive Dhara Vyas believes cutting emissions is for more than just the climate.

“As the last few years have shown, it’s the volatile cost of fossil fuels and our dependence on them that have driven up energy bills for customers,” she said.“The UK should remain a world leader in the energy transition, continuing to create economic growth and attract international investment in the technologies and the jobs of the future.”

Vyas did however concede that holding honest conversations around net zero is important if it is to be achieved but the opportunities that have arisen from the target cannot be wasted.

“Of course, we need honest conversations about how we fund the costs in a way that is fair to households and businesses, and this also needs to include a consideration of the potential price of inaction,” she continued.

“Delaying upfront investment increases the eventual cost and rowing back on green measures added billions to bills during the gas crisis. The recent Climate Change Committee report estimated the net cost of reaching the target at around 0.2% of UK GDP per year on average, a significant but manageable cost, which has also fallen significantly.

“Much of this investment, an estimated 70% or £3 for every £1 from the public purse, will come from the private sector if we continue to show the same ambition. The risk is that any perceived reduction in commitment or ambition sees that investment and those economic opportunities go elsewhere and damages our own interests.”

Green Alliance executive director Shaun Spiers also rallied against Badenoch’s comments, stating that the Conservative party was straying into worrying territory.

“Instead of immersing herself in all the evidence and analysis, it looks as if Badenoch has chosen to take her advice from Nigel Farage, who in turn takes his line on climate change from some half-remembered conversation he had many years ago with the TV astronomer, the late Patrick Moore,” he said.

“I am afraid all this is deeply unserious. One can debate how to tackle climate change, the role of the market against that of the state, whether it is sensible to focus on territorial emissions rather than wider climate impacts and much else.

“But it does not appear that Badenoch wants to engage with any of that. Rather, she seems intent on aping the evidence-free populism of, Liz Truss, Reform UK, Donald Trump and Elon Musk.”

Built environment comments

The wider built environment sphere was also shocked at the Conservatives backtracking on a law that it was very instrumental in passing.

A spokesperson for the Royal Institute of Chartered Surveyors (RICS) said: “Today’s warning from the leader of the opposition that ‘net zero by 2050 is impossible’ is a reminder of the urgency of our global response to the climate emergency.

“The RICS Sustainability Report 2024 shows that demand for greener buildings is rising – growing by 54% last year across homes, offices and industrial property.

“Spiralling energy costs confirm why energy-efficient buildings aren’t just nice to have. We must think about the long-term picture.

“Policy makers must provide clarity and certainty around its ambitions to meet Net Zero so that the industry has the confidence to rapidly get retrofit moving. We cannot shy away from the huge retrofit burden that persists in the UK.

“Millions of existing homes are not fit for purpose. Surveyors are essential to meet this challenge and stand ready to help.

“We urge the UK government to continue on the path towards net zero and ensure that surveyors and other built environment professionals can support the urgent need for climate mitigation and adaptation. There is no time to waste – we must pick up the pace.”

Council of British Industry chief executive Rain Newton-Smith said: “Now is not the time to step back from the opportunities of the green economy.

“Cross-party support for net zero has underpinned international investors’ confidence to choose the UK for investment in the energy transition.

“Last year, this resulted in the net zero economy growing by 10% and adding £83bn to national income.”

Of course, climate activism groups had their piece to say on Badenoch’s anti-environment remarks.

Greenpeace UK head of climate Mel Evans said: "The past few years have taught us the surest route to falling living standards is staying hooked on volatile, expensive and polluting fossil fuels.

“Throwing in the towel on our climate goals means giving up on making life better for British people now and in the future.

“With green industries growing three times faster than the rest of the UK economy, it also means giving up on the economic opportunity of the century.

“A strong majority of people in this country are concerned about the climate crisis and want to see government action. Now is not the time to step back, now is the time to take on the fossil fuel giants, end the great gas rip-off and make life easier for households across the country.”

Labour retort

The current Labour government also had its say on the matter. A spokesperson stated that while Badenoch stated she was facing reality, she was instead in denial.

The spokesperson said: “Badenoch claims she’s ready to ‘deal with reality’ while remaining in complete denial about the reality of the Tories’ appalling record in government.

“The Tory leader’s position is at odds with her own historic views. In government, she openly championed net zero. It’s clear the Conservatives stand for nothing and have learned absolutely no lessons. They haven’t changed.”

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