Written Question·Treasury·UIN 44530

Climate Change and Fossil Fuels: Economic Situation

Tabled: 7 April 2025

Answered: 28 April 2025

Question

Afzal Khan

To ask the Chancellor of the Exchequer, what recent assessment her Department has made of the potential impact of (a) climate change and (b) new oil and gas production on the economy.

Answer

James Murray

Illustrative analysis in the OBR's 2024 Fiscal Risks and Sustainability Report suggests that UK GDP could be around 3% lower by 2074 under a below 2°C warming scenario and around 5% lower under a below 3°C warming scenario.For decades, the North Sea’s wor...

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