Tuesday 23 January 2024

The Growing Vagueness of the UK's Decarbonisation Timetable?

David Edgerton (King's College London) believes that successful 'capitalism' depends on being able to plan. He opines the current UK government's 'hostility to net zero (carbon)' proves it has 'turned its back on British capitalism' (https://www.theguardian.com/commentisfree/2024/jan/22/conservative-net-zero-british-capitalism-decarbonisation-rishi-sunak). As climate becomes more inhospitable, it affects food imports; infrastructure and living standards. The goal must consequently be, says Edgerton, to reduce global 'greenhouse gas' emissions ASAP. He believes that 'significant sections of global capitalism' (with some notable exceptions!) have already accepted they will, in the near future, be forced to decarbonise. These companies, however, need a clear timetable for when regulations will come into force. The UK's current government is postponing its planned ban on sales of petrol and diesel cars. It's also going to allow new oil and gas boilers to continue to be fitted for home cental heating. Improved home insulation and installing heat pumps will be relegated to the 'back burner'. Government is also authorising increased extractions of North Sea oil and gas. Edgerton believes this is profoundly unhelpful for company planning, as it generally requires initial investment.

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