Renewable Energy: Costs

Lord Bishop of Norwich Excerpts

Thursday 14th November 2024 Lords Chamber

[The Lord Bishop of Norwich]

My Lords, I am grateful to the noble Lord, Lord Frost, for securing this debate at the time of COP 29. It is a pleasure as always to follow on from the wise words of the noble Baroness, Lady Hayman. I speak as the lead Bishop for the environment and as a member of Peers for the Planet.

I would like to ensure that there is reflection in this debate on the cost of not embracing renewable energy, especially as a global neighbour. Under even the most optimistic scenarios, the planet will experience warming above 1.5 degrees. The predictions for people and planet are stark. Ours is the generation that simply must move off our reliance on fossil fuels and embrace a new, cleaner, more resilient energy future.

We know the data. We know that climate change knows no international borders. We know that those being most impacted by adverse weather events are the poorest in the world. We know that those nations are least resilient as they are least able to afford mitigation and adaptation to protect their populations. We know that climate change is leading to more health problems, more migration, more conflict and more war. The cost of this is in the trillions—as well as the huge human misery that results. The UN has estimated that moving to renewables could save the world up to $4.2 trillion per year by 2030 as we reduce pollution and climate impacts. By the UK investing in renewables, we are investing in the technological development that will see costs decline over time. That is ultimately good for us, the consumers of electricity. It also contributes to the technological development that is needed across the world as it becomes more affordable.

We have made international commitments about our carbon emissions, and I welcome the recent announcement by the Prime Minister at COP 29 that we will reduce them by 81% by 2035. Let us not underestimate the importance of having international leadership in this area. We make these commitments because we know that it will contribute to the well-being of the planet, but it is also in our domestic interest. The lesser the impact of climate change, the less our national security risks, the better our public health, the more secure our food supplies and the more progress we can make restoring our native biodiversity.

Last year Pope Francis, in Laudate Deum, his short follow-up encyclical to the much-lauded Laudato Si’, wrote:

“We must move beyond the mentality of appearing to be concerned but not having the courage needed to produce substantial changes”.


I urge His Majesty’s Government to consider our global responsibilities as part of the cost-benefit of renewable energy, and I hope that other noble Lords feel able to as well.