Net Zero plans pose the risk of wiping 10% off economic growth by 2030, leaked documents say (Image: Getty)
Labour’s ambitious Net Zero plans pose the risk of wiping a staggering 10% off economic growth by 2030, it has been claimed. Top government insiders have revealed that the UK’s national debt would skyrocket as the taxpayer will carry the burden.
Whitehall’s assessment of the effects of Labour’s strive to go green on the British economy has been leaked to The Sun. The analysis starkly states that there is “potential risk of destabilising the financial system” due to poor planning. The document outlines the potential major hit to GDP by the rush to Net Zero. “Estimates suggest that by 2030, 10% of GDP (1% annually over ten years on average) will have been subtracted from consumption,” the report says.
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Ed Miliband's green plans dealt a major blow (Image: Getty)
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As well as this, hundreds of billions of pounds worth of world wide assets, including power plants, chemical factories and even aircraft, risk being closed up to 30 years before the end of their shelf life which could send markets into meltdown due to the drop in the value of firms. This includes those from Britain who invest there.
The report outlines how these “stranded assets” stand as a financial risk and are “not yet fully reflected in companies’ values”.
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The assessment claims an “abrupt transition could act as a sudden shock, resulting in a sudden drop in value and presenting a risk to investors and shareholders”. The report adds how “$2.1trillion worth of assets” globally, around ￡1.6trillion, could be set aside, based on analysis from McKinsey.
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Coal-fired power plants may have to retire ten to 30 years earlier (Image: Getty)
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Coal-fired power plants may have to retire ten to 30 years earlier in order to meet the Paris Agreement, an international treaty on climate change, despite the billions of pounds invested into them, the document suggests. Despite Britain already retiring its coal energy plants for wind and solar power, the countries affected could still negatively impact UK markets.
The report also warns “disruption caused by the transition could result in unemployment and skills mismatches, with negative knock-on impacts for growth, productivity, and the ability to reach Net Zero.”
A government spokesman said: “Net zero is the economic opportunity of the twenty-first century, and will deliver good jobs, economic growth and energy security as part of our Plan for Change.”