Written Question·Department for Energy Security and Net Zero·UIN 66107

Climate Change: Costs

Tabled: 9 July 2025

Answered: 17 July 2025

Question

Sir John Hayes

Conservative — South Holland and The Deepings

To ask the Secretary of State for Energy Security and Net Zero, what assessment he has made of the potential implications for his policies of the estimate in the report by the OBR entitled Fiscal risks and sustainability, published in July 2025 of the fiscal cost of climate change mitigation.

Answer

Kerry McCarthy

In its most recent ‘Fiscal risks and sustainability report’ (2025), the OBR is clear that the costs of climate damage are getting higher, while the cost of the net zero transition is getting lower. Only by investing in the transition now can we reduce costs in future.