Britain’s fiscal watchdog – the Office of Budget Responsibility (OBR) – has some good news. It thinks the cost for the UK of getting to zero carbon could be much less than anticipated:
“While unmitigated climate change would spell disaster, the net fiscal costs of moving to net zero emissions by 2050 could be comparatively modest.”
Under its ‘early action scenario’ government net debt would rise by a mere 20% of GDP in the years to 2050 from the current 105%. That almost seems encouraging when compared with the near-30% of GDP increase responding to the Covid pandemic , and the roughly 50% surge which followed the global financial crisis.