Review

Professor Sir Dieter Helm’s essay, The Fracturing of the Net Zero Consensus (October 2024), offers a critical perspective on the challenges and shortcomings of current net-zero strategies, particularly in the UK. He argues that the existing policies oversimplify the complexities of decarbonization and underestimate the associated costs, leading to a fragile consensus that risks eroding public trust. Key issues include renewables’ intermittency, infrastructure inadequacy, and unrealistic timelines for transitioning to a low-carbon economy.

Helm highlights that, while crucial, renewables like wind and solar are insufficient to replace the UK’s heavy reliance on fossil fuels without substantial backup systems, often powered by fossil fuels themselves. The push for rapid transitions, such as electrifying transport and heating, adds to infrastructure costs, which have been downplayed in public discourse. He also criticizes the environmental costs of technologies like electric vehicles and heat pumps, pointing out their dependence on resource-intensive supply chains.

Helm also warns that neglecting transitional fossil fuel strategies and long-term energy storage solutions risks significantly undermining energy security as demand rises in a digitalized economy. His critique suggests that a more realistic, phased approach, accounting for energy security and economic impacts, is necessary to sustain public and political support for net zero.

While Helm’s insights are compelling, some might argue his critique downplays the urgency of immediate climate action and the potential for innovation to address these challenges. Nonetheless, his call for greater cost transparency and a balanced approach between decarbonization and energy security is highly relevant.

For further details, you can read the full essay here: The Fracturing of the Net Zero Consensus​

Dieter Helm is a Professor of Economic Policy at the University of Oxford and Fellow in Economics at New College, Oxford

He provides extensive expert advice to UK and European governments, regulators and companies across three key areas: Energy & Climate; Regulation, Utilities & Infrastructure; and Natural Capital & the Environment.