Lord Hamilton of Epsom
Main Page: Lord Hamilton of Epsom (Conservative - Life peer)Department Debates - View all Lord Hamilton of Epsom's debates with the Northern Ireland Office
(5 years ago)
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Lord Duncan of Springbank
The answer to the point raised by the noble Baroness is that we need to invest very carefully and very substantially. There will be impacts across our entire economy—all will have to do their part. The Government will examine this report very carefully indeed, along with the terms of reference going forward.
Lord Hamilton of Epsom (Con)
My Lords, will much of the cost of net zero emissions by 2050 be transferred on to energy prices? If that is the case, will that not make us increasingly uncompetitive in the world and wipe out what remains of our heavy industries?
Lord Duncan of Springbank
We face a challenge going forward to achieve the net zero target by 2050. We have to remember that this is not all about energy regeneration itself because there are other areas that we need to consider, not least the decarbonisation of our transport network. Each of these elements will have a cost that, whether we like it or not, will eventually fall on taxpayers or individual consumers. That is where the money will ultimately come from.