The House of Lords’ Economic Affairs Committee (EAC) has called on the Government to take urgent action to avoid a disorderly transition to Net Zero.
In a new report looking at the Government’s Net Zero and Energy Security plans, the committee said the consequences of the Ukraine crisis have made the Government’s aims “more complex”.
The EAC said the Government should now publish a Net Zero delivery plan which takes account of energy security, making clear what decisions and operational actions are needed, and by when.
“Any such plan will need to incorporate the flexibility required by a three-decade, economy-wide transition,” it points out.
It highlights key actions which are needed now such as developing market models for technologies like long-duration storage, blue and green hydrogen and carbon capture and storage.
Committee Chair Lord Bridges said: “The impact of Russia’s invasion of Ukraine on energy prices has been a wake-up call on how vulnerable our energy security is.
“The Government has set ambitious targets for low-carbon power generation, but there is a gap between those ambitions and practical plans for delivery. If we don’t plug that gap, and fail to ensure that our energy is reliable, affordable and renewable, our transition to net zero will be disorderly – and we will all pay the price.
“So action is needed to build investor confidence, mobilise more capital and accelerate the deployment of renewables in the decades to come. The message to the Government is clear: act now to avoid falling into the gap.”