How much will it cost the UK to reach net zero?

How much will it cost the UK to reach net zero?

Boris Johnson tells us we can have it all.

In his government’s net zero documents published last month, the UK prime minister says there will be “good jobs, green jobs [and] well-paid jobs” without sacrifices because the government will be “making carbon free alternatives cheaper” as the nation “build[s] back greener”.

Johnson’s views contrast with the government’s independent climate adviser, the Climate Change Committee, which estimates that eliminating net greenhouse gas emissions from the UK will come with a bill of £1.4tn by 2050.

That is the equivalent of £1,700 a year on average for every household, coming on top of £3,000 of tax increases unrelated to climate change that Boris Johnson’s government has also imposed over the next few years.

Who is right? What are the best estimates of the costs of reaching net zero? Who will pay? And what benefits would the UK gain from meeting its climate targets?

What are the gross costs of reaching net zero?

This is the £1.4tn figure. It was calculated by the Office for Budget Responsibility by adding up annual investment that the Climate Change Committee estimated was needed between 2020 and 2050 for the UK to reach domestically produced net zero emissions.

The CCC reckons that green investment