The U.K. has reached a tipping point in the "net-zero race," and delaying investments will hurt the nation's economy, said Chris Skidmore, a Conservative member of Parliament, in a government report issued Jan. 13.
"The risks of 'not zero' are now greater than the associated risks of taking decisive action on net zero now," Mr. Skidmore said in the government-commissioned Mission Zero report based on 1,800 responses from businesses and climate experts.
The U.K. was the first G-20 country to commit to being net-zero by 2050, a commitment signed by Mr. Skidmore when he served as energy minister.
Fulfilling that commitment by transitioning to a low-carbon economy will be "the industrial revolution of our time,"Mr. Skidmore said in the report's foreword, but he warned that "economic opportunities are being missed today because of weaknesses in the UK's investment environment."
"The Review has heard loud and clear that net zero is the economic opportunity of the 21st century. The evidence presented to the Review has shown that the pace of recent change has created a rush of economic opportunity at a massive, global scale," he said, and the overriding message "is that we must deliver greater certainty, consistency, and clarity across net zero policy making, with a stability of approach that requires long term planning."
Separately on Jan. 13, the U.K. also signed an agreement with the United Arab Emirates to collaborate on clean energy and climate initiatives, including hydrogen projects. According to a U.K. government statement, the pact will help boost jobs and investment in the U.K.
