International Development News
Development News Edition

UPDATE 1-UK costs to cut greenhouse emissions 40% higher than thought - FT

UPDATE 1-UK costs to cut greenhouse emissions 40% higher than thought - FT
Britain's government has estimated that the cost of eliminating greenhouse gas emissions by 2050 could be 40% higher than one given by official climate advisers, the Financial Times reported on Thursday, citing a finance ministry letter. Last month Britain's Committee on Climate Change (CCC) said the country should aim for a full elimination of net greenhouse gas emissions by 2050 compared with an earlier target of an 80% reduction, in order to limit future global temperature rises.

The CCC said this would cost 1%-2% of gross domestic product each year, or about 50 billion pounds ($64 billion) annually. But new estimates by the government's Department for Business, Energy and Industrial Strategy (BEIS) pointed to costs at the higher end of this range, finance minister Philip Hammond wrote to Prime Minister Theresa May.

"The Committee on Climate Change estimate that reaching net zero emissions by 2050 will cost c. 50 billion pounds per annum by 2050. BEIS's own analysis find the costs to be 40% higher, at around 70 billion pounds per annum," Hammond wrote in the letter, a copy of which the Financial Times published online. Either way, the total cost would comfortably exceed 1 trillion pounds, Hammond said in the letter.

"While these costs are extremely significant in their own right, they fail to describe the impacts on different sectors of the economy, as well as the profound implications for households, businesses and the Exchequer," Hammond wrote. Key industries such as steel risked becoming economically uncompetitive or in need of permanent public subsidies, he added, while millions of households would face the disruption and expense of replacing natural gas-powered boilers.

Britain's finance ministry declined to comment on the leaked document, and a spokeswoman for May also declined to comment directly on the estimates in the letter. Many estimates did not factor in the cost of not acting on climate change, and costs were for the economy as a whole, not just for the government, she told reporters.

"It's not really right to frame it as a trade-off for public spending," she said. Britain's government is in the process of deciding whether to adopt the CCC's recommendations, potentially before May steps down as Prime Minster after the Conservative Party selects a new leader. (Additional reporting by William James; editing by Stephen Addison)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



How music can help expectant mothers during pregnancy

Music provides pleasant ambience for all but its more important for expectant mothers as besides ensuring pleasant environment for them it also directly and indirectly influences the unborn babies. There are various scientific findings to c...

EdTech: A technical approach to flexible and cost-effective education

Its hight time for the world to go for innovative approaches like e-learning over traditional learning methods that need physical infrastructure, long-term planning, and huge investment. ...

Our school campaigns are our strongest ally: Joaquin Antuna, founder of Peace and Cooperation

Joaquin Antuna is the founder of Peace and Cooperation, a Spanish NGO which was nominated as peace messenger by the United Nations in 1986. Antuna is of very firm opinion that in order to have an incisive impact on the community we live in,...

'No escape from telephones', this 1953 prediction actually comes true

In 1953, a telephone company chief predicted that therell be no escape from telephones in the future....


Latest News

Fee hike: Visually challenged JNU students protest outside police headquarters

Visually challenged students of Jawaharlal Nehru University on Wednesday protested outside the old police headquarters here against the alleged lathicharge by the force on varsity students protesting against hostel fee hike. The students la...

S4 Capital arm MediaMonks announces merger with WhiteBalance

Martin Sorrell led S4 Capital on Wednesday said MediaMonks, its global creative production arm, has agreed to a merger with Delhi-based content creation and production company WhiteBalance. After opening an office in Bengaluru in February t...

IFFI bridges gap between India and international film industry: CM of Goa

In the luminous presence of two stalwarts of Indian cinema Shri Amitabh Bachchan and Shri Rajinikanth, the golden jubilee edition of the International Film Festival of India got off to a mesmeric start at Panaji, Goa. Ending the long wait...

CORRECTED-Cricket-Pink-ball buzz masks visibility concerns in Kolkata test

The buzz in both dressing rooms is palpable but India and Bangladesh will head into their maiden day-night test with a common concern about the visibility of the pink ball to be used for the landmark match in Kolkata. The players appear gen...

Give Feedback