From the Guardian

The UK’s climate targets will cost the government less over the next 30 years than the price of battling the Covid-19 pandemic if it acts quickly, according to the UK’s fiscal watchdog.

Forecasts from the Office for Budget Responsibility (OBR) show that ending the UK’s contribution to the global climate crisis would add 21% of GDP to the national debt by 2050, or £469bn in today’s terms. But those costs could climb twice as high if the government delays action to cut emissions.

The independent spending forecasts found that taking early action to decarbonise the economy would have a smaller net impact on the UK’s finances than Covid or the 2008 financial crisis.

But the spending watchdog said that delaying climate action until the start of the next decade, which is considered crucial in averting dangerous levels of global heating, would end up adding twice as much to the national debt as acting fast. Failing to take action could have a catastrophic impact on the public finances, the OBR warned.

Access the OBR’s Fiscal Risks 2021 report here.