It’s time to drop the net zero agenda

For years British energy policy has been an exercise in wishful thinking. We’ve been living in a fantasy world in which Britain can somehow achieve ‘net zero’ by 2050 without paying any serious economic price, and with no one significantly poorer as a result. ‘Not a hair-shirt in sight,’ said the Prime Minister, though most independent assessments said net zero would cost between £36,000 and £50,000 per household.

Reality, now, is biting. Reducing emissions is important but security of supply is vital, and Europe has been forced to come to terms with its dependence on Russian oil and gas. The dependence is so entrenched that it is possible Vladimir Putin thought that Europe would rather leave Ukraine undefended than impose sanctions. If this was Putin’s thinking, it was a miscalculation. Europe has collectively chosen pain. The question is now to ameliorate it.

Boris Johnson has proposed a new energy plan, due this month.