Rishi Sunak is the only candidate in the race to become the next Conservative leader and prime minister to unequivocally support current plans for the UK to be net zero for carbon emissions by 2050.
This net zero goal is currently a legally binding target, designed to limit global warming and ensure the UK meets the goals set out in the Paris Agreement.
His comments were made in the televised debate on ITV last night. However, while his two main rivals — former international development minister Penny Mordaunt and foreign secretary Liz Truss — said they supported this overall aim, they added that it was important that it did not damage the economy.
Mordaunt said that she was committed to net zero, but added the caveat “it mustn’t clobber people or damage Conservative plans for levelling up or harm our industrial strategy or energy resilience.”
Meanwhile Truss said she backed the net zero target but stressed “it needed to be delivered in a way that didn’t harm people or businesses.” As a result she said that if elected prime minister she would call a moratorium on the green levy and remove it from general taxation, while looking for potentially better ways for the UK to meet its net zero targets.
Kemi Badenoch, a former equalities minster, appeared more sceptical, and said she would be open to amending these longer term goals if needed. She said: “If there are things in the plan that will bankrupt this country I will change them. If there are things make life difficult for ordinary people I will change them.”
The final contender Tom Tugendhat said he was committed to deliver more nuclear reactors and power plants to reduce carbon emissions and wanted to focus on improved carbon capture and and storage in Scotland. He added: “We may need to the way change the way we do windfarms to deliver quicker,” so alleviating current energy price rises that he pointed out were “hurting everyone.”
This willingness for the majority of candidates to suggest that changes might be needed to the UK net zero goals, and the method of delivering them, could cause concern for many in the pensions industry, who have already committed to their own net zero targets, and reducing the carbon intensity of investment portfolios.
The cabinet minister and COP26 president Alok Sharma has warned he might quit his post if the next Conservative leader dumps this net zero pledge and does not commit to robust policies when comes to tackling climate change.
