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Costs are inevitably uncertain between 2020 and 2049 but the CCC estimate that the costs of delivering the net zero target will be equivalent to 1-2% of GDP in 2050. We will publish further detail in the impact assessment for the sixth carbon budget and for all policies which we take forward to deliver the net zero target.
In addition, HM Treasury are carrying out a review into the costs of transitioning to a net zero economy, as recommended by the CCC. The review will consider how to pay for this and how to achieve the transition in a way that works for households, businesses and public finances, as well as how we can ensure this is compatible with plans for a thriving and competitive economy.