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UK Officials Challenge £7.6 Trillion Net-Zero Cost Claims

1/19/2026

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Summary

Story summary

The UK Department for Energy Security and Net Zero disputed a report by the Institute of Economic Affairs claiming net-zero could cost £7.6 trillion by 2050.
Energy analyst David Turner criticized bodies for using 'fantasy assumptions' about costs.
Industrialist Sir Jim Ratcliffe described decarbonization as 'idiotic'.
He argued it would cause job losses and higher costs.
The Department says the transition will save money by reducing reliance on fossil markets.

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Story summary

The UK Department for Energy Security and Net Zero disputed a report by the Institute of Economic Affairs claiming net-zero could cost £7.6 trillion by 2050.
Energy analyst David Turner criticized bodies for using 'fantasy assumptions' about costs.
Industrialist Sir Jim Ratcliffe described decarbonization as 'idiotic'.
He argued it would cause job losses and higher costs.
The Department says the transition will save money by reducing reliance on fossil markets.