Lordy the man\’s an innumerate loon.
Boardman calculates that, for every household, in the UK to qualify as low carbon by 2050, £12.9bn must be spent every year…
OK, we\’ll take that figure as it is.
And it\’s not as if the energy companies can\’t afford to stump up a great deal more. Thanks to energy price increases, windfalls from the deeply flawed Renewables Obligation and the extraordinary give-away of emissions allowances under the EU\’s emissions trading scheme, estimated by Ofgem to be worth £9bn between 2008 and 2012, they are literally awash with cash. In 2007, they paid out dividends of over £1.6bn to shareholders – and that was before the latest round of price increases.
The back of my envelope says that even if we took all of the distributed profits of the energy companies then we\’d still be £11.3 billion short each year.
Even if we nicked all that money, it would still be about £500 per household per year that each household would have to pay. Might pay it directly, might pay it through the tax system….but that\’s where the burden would have to be.