Business leaders have criticised Kemi Badenoch’s decision to abandon Tory support for the 2050 net zero target, warning it will undermine investment in the UK and hit growth.
The Conservative leader suggested on Tuesday that her party may not adopt any commitment by which to deliver a net zero economy, as she made a political gamble on voters’ ongoing support for the policy.
Speaking at the launch of the party’s policy renewal programme, Badenoch declared the legal obligation to meet net zero by 2050 – introduced under a Tory prime minister – was “impossible” and she insisted it cannot be achieved without “a significant drop in our living standards, or worse, by bankrupting us.”
And she said she would refuse to just “pluck something out of thin air” when asked whether her party would commit to a target, adding it would only happen if “the experts come together and decide that one is necessary”.
Shadow Energy Secretary Claire Coutinho, with help from shadow energy minister Andrew Bowie will look at solutions for delivering cheap and clean energy as part of the policy review, Badenoch added.
But the shift to the right on the climate policy has been heavily criticised by the business sector, with the CBI warning “now is not the time to step back from the opportunities of the green economy”.
Rain Newton-Smith, the CBI’s CEO, said: “Cross-party support for net zero has underpinned international investors’ confidence to choose the UK for investment in the energy transition. Last year, this resulted in the net zero economy growing by 10 per cent and adding £83 billion to national income.
“Achieving net zero by 2050 provides opportunities for green growth – and it can only be delivered by creating the conditions to sustain high levels of private investment. This includes governments committing to the long-term policy certainty established by UK carbon budgets.”
The comments were echoed by Dhara Vyas, chief executive of trade group Energy UK, who said cutting emissions provides an economic boost and that the “volatile cost” of fossil fuels is what has driven up energy bills in recent years.
“Of course we need honest conversations about how we fund the costs in a way that is fair to households and businesses – and this also needs to include a consideration of the potential price of inaction,” she said.
Sam Richards, CEO of pro-growth campaign group Britain Remade, also contradicted the Tory leader, stating that while she was right that there was a need to “drive down Britain’s eye-watering energy prices”, he added: “But bills are higher not because we have too much homegrown clean energy but too little – it’s too hard to build new nuclear, and gas still sets the price of electricity, even when wind and solar are cheaper. This is one of the biggest challenges facing our economy.”
Badenoch’s decision to drop her party’s support for the target marks a significant shift in the Conservatives’ stance on climate change and is being seen as a major political gamble.
The Tories introduced the legal commitment in 2019 with the Climate Change Act under Theresa May, and polling shows widespread support for tackling climate change among voters.
Some 84 Conservative MPs – more than two-thirds of the parliamentary party – are in seats where the Liberal Democrat are the biggest rivals, suggesting they could struggle to win such voters at the next election following the climb down on the climate strategy.
One shadow minister said that the party had largely abandoned seeking to win back such voters in what was known as the Blue Wall of southern seats, telling The i Paper “they’re probably not coming back to us”.
But Reform UK, which is threatening the Conservatives from the right, has long opposed net zero policies and risks outflanking Badenoch’s party on the issue.
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