GETTING TO ZERO
This report argues that the Government will not deliver on its commitment to reach net zero emissions by 2050 without taking radical action to speed up the development and diffusion of new technologies required for the future.
Many of these technologies are still far from the commercialisation stage. These sectors in particular represent opportunities for the UK to gain a first-mover advantage and unlock vast amounts of foreign investment. But the UK is already trailing behind other countries in the development of these technologies and these opportunities will not be realised unless ministers take action now.
The analysis finds that:
Development and innovation
Historic government interventions have distorted the price of carbon, meaning market signals do not effectively incentivise consumers or firms towards sustainable behaviour.
More support is needed to mobilise people and institutions to develop innovations and solve key net zero challenges.
Diffusion
The cost of Carbon Capture, Uptake and Storage (CCUS) is currently not commercially viable.
The current heat pump rollout trajectory is not even close to being on track for the 2050 net zero target.
Regulatory barriers and high capital costs can present difficulties in bringing innovations to market.
In the run-up to the UK’s co-Presidency of COP26 in Glasgow in November, the paper urges the Government to adopt a number of radical policies to kickstart an “explosion” in net zero innovation and diffusion to propel the UK towards net zero by 2050 and to position the UK as an industrial leader in green technology, including:
Development and innovation
Historic government interventions have distorted the price of carbon, meaning market signals do not effectively incentivise consumers or firms towards sustainable behaviour.
More support is needed to mobilise people and institutions to develop innovations and solve key net zero challenges.
Diffusion
The cost of Carbon Capture, Uptake and Storage (CCUS) is currently not commercially viable.
The current heat pump rollout trajectory is not even close to being on track for the 2050 net zero target.
Regulatory barriers and high capital costs can present difficulties in bringing innovations to market.
In the run-up to the UK’s co-Presidency of COP26 in Glasgow in November, the paper urges the Government to adopt a number of radical policies to kickstart an “explosion” in net zero innovation and diffusion to propel the UK towards net zero by 2050 and to position the UK as an industrial leader in green technology, including:
The research also underlines the urgency of the innovation challenge, by investigating the diffusion trajectories of both electric vehicles (EVs) and heat pumps. Both of these technologies are key components of the Government’s plans to decarbonise transport and buildings. The analysis uncovers that:
This report is produced as part of our Getting to Zero research programme.
Established a year before COP26, Onward’s Getting to Zero programme is dedicated to developing practical and politically possible ways for the UK to meet its net zero ambitions and lead the world in decarbonisation.
Read more in Getting to Zero: Greening the Giants | Qualifying for the Race to Net Zero
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