Cost of reaching net zero ‘cheaper than oil price shock’As the Middle East conflict threatens global oil supplies, timely analysis finds that achieving net zero in the UK will be cheaper than staying hooked on fossil fuels during such a crisis. In its latest report, the UK’s independent Climate Change Committee (CCC) put the cost of reaching net zero by 2050 at £4bn a year, or £100bn in total. The fallout from the war in Iran is likely to be an ever greater shock, analysts warn. The closure of the Strait of Hormuz, a choke-point for oil shipments, is already hiking up energy prices globally. “The continued expansion of renewables and low-carbon technologies offers far greater protection against volatile gas imports than new domestic drilling,” it found.