Nigel Farage, leader of Reform UK, recently claimed that “Net Zero could be the new Brexit,” arguing that Parliament is out of touch with the public. He acknowledges that climate change “may well be” man-made but insists that because the UK produces less than 1% of global CO₂ emissions, it is senseless to pursue policies that he sees as “economic suicide.”
Farage’s proposed solution is for the UK to mine more coal and drill for gas in the North Sea, aiming for energy self-sufficiency. Yet, the facts paint a different picture: 80% of North Sea oil and gas is exported. So even if domestic production increased, it would do little to reduce UK household bills.
In reality, Ofgem, the UK’s energy regulator, has been clear: our dependence on international gas markets is the key driver of high energy costs. Importing liquefied natural gas (LNG) from the U.S. is particularly expensive. In contrast, renewable energy, especially onshore wind, is now the cheapest form of new electricity generation.
Conservative Party Leader Kemi Badenoch was challenged over the party’s opposition to net zero on a recent interview with Robert Peston on ITV.
The UK’s energy prices are high not because of net-zero policies, but because of how the energy market operates. Under the “marginal wholesale pricing” system, the cost of electricity is set by the most expensive fuel needed to meet demand, often gas. As a result, even cheap renewables get pulled into a costly system.
Looking internationally, countries with strong renewable energy sectors like Norway and Spain boast some of the healthiest economies in Europe. Renewable energy cuts costs, creates jobs, and boosts domestic energy security.
Rather than being an economic drag, a Net Zero agenda is a huge opportunity for the UK: lowering energy bills, creating sustainable jobs, and ensuring we are no longer at the mercy of volatile global fossil fuel markets.
Far from “economic suicide,” Net Zero is smart economics and the future we should be building
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