The UK government originally pledged billions for carbon capture projects to meet net zero targets, but recent economic changes have prompted reconsideration. Key figures like Ed Miliband and Rachel Reeves emphasized the need for bold actions to prevent stagnation. Yet, the Treasury is reportedly preparing to scrap a £22 billion plan due to disappointing growth. Challenges include rising interest rates, austerity pressures, and strict fiscal rules limiting spending flexibility. Although the Climate Change Committee indicates lower projected costs for emission reductions by 2050, achieving net zero will still require substantial yearly investment, presenting difficult choices in budget allocations.
The change of heart is not about the technology—carbon capture and storage (CCS) is still as underdeveloped as it was in October, when ministers extolled its virtues.
The good news is that the Climate Change Committee told the government last week that the net cost of cutting UK's greenhouse gas emissions in 2050 to 100% below 1990 levels is now 73% lower.
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