COLUMNISTS

the cost of living is rising quicker than wages, energy costs are through the roof due in part to Russia’s unwarranted invasion of Ukraine, and families and businesses are feeling the pinch.

Leading UK economist, Lord Nicholas Stern, has said that higher taxes will be needed if the UK is to achieve net-zero carbon emissions by 2050.

He rightly states that both public and private investment in new technologies is needed.

Let’s look at both.

Private investment should not be the issue. There is a good long term return on investment. The major petroleum companies and energy providers have all posted record breaking and obscene profits. They should be forced to invest heavily in new renewable projects.

Public investment is the major challenge. Politics take over, inaction follows.

Governments need to subsidise investment in new technologies and that money is typically financed by tax revenue or borrowing. Hence the need for us to pay more tax.

The Spanish and UK governments have not taken the opportunity to hit the exceptional profits of banks, energy providers, petrol companies etc with windfall taxes.

So, it will come down to you and I. Brace yourself...it will come.

PAY UP: Higher taxes needed to reach net-zero

As developed countries scramble for what has come to be known as ‘energy security’, environmental concerns have dropped down the priority list of policymakers’ minds.

Governments are doing exactly what the majority of people do. The emphasis is on inflation, the economy and public services.

A recent survey by pollsters Ipsos confirmed just that. People surveyed all professed to be concerned about the environment but were much less enthusiastic about funding change. Is there a credible option?