No business plan for a world where temperatures could increase by 2°C

November 14th, 2013 by PwC

Jonathan Grant, director, PwC, said of the latest Climate Change Committee latest report “Fourth carbon budget Review” that “the Committee is right to highlight the danger of changing tack or rolling back regulations, as it could undermine business and investor confidence that long term UK government policy will deliver what is needed to tackle climate change.

“The costs of many forms of low carbon energy are coming down quite rapidly, but whichever path you choose to get to a low carbon future, it still requires substantial investment, and that requires clear, long term policies,” Mr Grant said.

“In the short term, UK energy emissions increased 2.6% last year, much higher than GDP growth, because of an increased use of coal in power generation.”

“While this may be a short term response to low coal and carbon prices and other regulations, it underlines the scale of change in energy generation and efficiency required,” he said.

COP19 climate change conference Warsaw flickr ©Shubert Ciencia MV!

Warsaw Climate Change conference (COP 19) photographed on 10 November 2013 (click image to expand – [email protected] Ciencia Flickr MVI)

During the “Climate Summit in Warsaw, many international negotiators will not be aware of the UK’s heated debates about energy prices or the intricacies of reforming the EU emissions trading scheme.”

“But the cost of wholesale transformation of energy generation and other green measures highlights the challenge that politicians are facing everywhere on climate change.”

“Legally binding treaties or not, the slower the progress, the bigger the bill, and unpredictability we could face.”

“A world where temperatures could even have a chance of increasing by more than 2°Celsius is one we have no business plans or experience for,” Mr Grant said.

 

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