Many of us would no doubt agree that the quest for a greener future is no longer merely an idealistic notion, but an economic imperative for the whole planet.
Over two decades into the 21st century net zero has become more than just a buzzword and is instead a policy framework that shapes how nations, businesses, and individuals strive to counteract their carbon footprint.
At its core, the concept of net zero revolves around a delicate equilibrium. It envisions a scenario where our greenhouse gas emissions are counterbalanced by methods that extract an equivalent amount of these gases from our atmosphere. Think of it as the financial practice of balancing your bank account but with global consequences.
In our journey to achieve net zero in the º£½ÇÊÓƵ, several strategies have emerged as paramount. The primary approach is through a shift towards renewable energy sources and whilst only around one-fifth of º£½ÇÊÓƵ energy use in 2022 was from low-carbon sources such as wind, solar, hydropower, bioenergy and nuclear, this is up from 12% a decade earlier although much more needs to be done to address the current reliance on oil and gas.
In addition, carbon capture and storage systems intercept emissions right at their source to repurpose or safely stow them. Norway’s carbon capture operations in the North Sea now store close to a million tonnes of CO2 every year and º£½ÇÊÓƵ Government recently announced plans to follow in their footsteps by committing £20bn of public money to do the same.
Whilst contentious, innovative financial mechanisms such as carbon offsetting have allowed institutions to fund green initiatives in reparation for their carbon emissions and we are seeing the emergence of new entrepreneurial green businesses whose products and services are promising to change the way we work and live in a more environmentally way.
And last and certainly not least, governments worldwide are wielding legislative tools and incentives to accelerate the transition and reduce emissions. The most recent example of this has been the introduction of the ULEZ (Ultra Low Emission Zone) in London where only vehicles meeting strict emission standards can enter without incurring a charge, aiming to improve urban air quality.
Whilst there has been considerable controversy over ULEZ and the Mayor of London extension of this policy was blamed for the Labour Party’s failure to win the recent Uxbridge by-election despite being over twenty points ahead in the polls, some have suggested that there remains overwhelming backing for net zero policies across the º£½ÇÊÓƵ.
For example, recent data from Ipsos and the Centre for Climate Change and Social Transformation (CAST) shows public support for green policies remains steadfast in many sectors with certain policies such as frequent flyer levies and green product pricing growing in popularity.
However, public sentiment shows a marked decline in the move to phase out coal and gas boilers and subsidies for electric vehicles, both of which seem to have been affected by the increases in energy and fuel prices.
In fact, if we delve deeper into the data, there emerges a familiar question namely does public support for green policies wane when people are confronted with the stark lifestyle and financial changes that green policies often entail?
It seems the short answer is yes and the current economic scenario, marked by the cost-of-living crisis, has made many consumers more wary and the financial cost of these policies can be a significant detractor.
Given this, it’s not surprising to find that those who are climate conscious tend to be the higher-educated, the more affluent and those tilting left politically. In other words, many of those largely unaffected by the cost-of-living crisis are more likely to champion these green changes compared to their struggling counterparts.
Therefore, whilst public endorsement for net zero objectives remains strong, it is important for politicians and policymakers to consider that others not as fortunate as them may have a very different view on green policies due to higher prices. It’s easy to be a moral crusader when you are not struggling to pay your fuel bills like millions of people across the º£½ÇÊÓƵ and there may be a need to focus green initiatives on those areas where they directly address with consumers’ economic concerns.
In fact, Ipsos’s data underscores this with a notable one in five of the º£½ÇÊÓƵ population actively seeking energy conservation strategies and a significant 80% correlating energy-saving directly with cost-saving.
Given this, politicians need to tread more carefully to avoid developing policies that resonate only in their echo chambers. Those less impacted by the financial crisis might be the most vocal supporters of such policies but the ones at the lower end of the economic spectrum who are often the most vulnerable to climate change need to be brought into the fold.
Their concerns, which are often intertwined with the personal costs of any transition to net zero, need to be dealt with as a priority to ensure that the journey to a greener º£½ÇÊÓƵ doesn’t leave any of its citizens behind.
