Single fossil fuel price spike to cost more than net zero switch

A SINGLE major fossil fuel price spike would outstrip the cost of a shift to a "net zero" society, independent climate advisers have said.

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A single major fossil fuel price spike would outstrip the cost of a shift to a "net zero" society, independent climate advisers have said

(ANDREW MILLIGAN / PA WIRE)

But shifting to clean energy reduces exposure to fossil fuel shocks, the Climate Change Committee said, significantly reducing the impact on bills and the economy of future price spikes.

Analysis from the committee also found the costs of investing in clean tech to cut climate-warming emissions to zero overall by 2050 would be outweighed by the financial benefits of avoiding damage from extreme weather, more efficient energy systems and improvements to health.

The analysis was published after oil prices soared to four-year highs of more than 100 US dollars a barrel earlier this week as a result of the US-Israel war with Iran which has disrupted global flows of oil and gas, prompting fears over impacts on fuel bills, petrol pump prices and inflation.