Business

The Tories are doomed if they betray Thatcher and retreat from net zero

Goldman Sachs, the voice of Big Money and Mr. Sunak’s alma mater, has just released its latest Carbonomics report on what the global energy system will look like over the next 20 years. A sobering read for those who refuse. The old order is being swept away at a breakneck pace and the next super billionaires will be in green hydrogen, electrolysis, energy storage, smart meters, EV charging networks, insulation and so on.

Goldman projects total energy costs per capita in Europe and the UK will fall 36 percent below pre-Ukraine averages by 2050. Century under accelerated green plans. It’s a gain, not a cost.

Personally, I support North Sea drilling on the grounds that it’s good for national security, good for the trade balance and good for the climate – as well-regulated UK gas emits less CO2 and methane. However, the Goldman report makes it clear that gas and oil demand will fall sharply from the mid-2020s onwards. Be careful not to jump on the wrong train.

Rishi Sunak understands “Carbonomics”. He’s shown courage by sticking to his guns on austerity (so to speak) – even if I disagree with the politics – so why deign to obscurantist net-zero nonsense instead of proclaiming the economic possibilities of green tech?

He speaks of his “unwavering faith in the future” and the moral obligation not to pass our debts on to our children. He could usefully apply this principle to the planet. How much would he gain in national and global credibility by confronting secret deniers head on and vowing to defeat them?

The Burkean Conservative Code is intergenerational duty that Contract of Eternal Society, “a partnership not only between those who live, but between those who live, those who are dead and those who are being born”. It involves a moral obligation to pass on intact the world we have inherited.

https://www.telegraph.co.uk/business/2022/08/05/tories-doomed-betray-thatcher-retreat-net-zero/ The Tories are doomed if they betray Thatcher and retreat from net zero

Russell Falcon

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