Latest news with #netzero
Telegraph
17 hours ago
- Business
- Telegraph
Fears of £4bn raid on middle classes as energy debts soar
Household energy debts have topped £4bn for the first time, raising fears of a raid on the middle classes to cover the growing deficit. Total customer debt and arrears climbed to £4.15bn in the first three months of 2025, new figures from regulator Ofgem showed, up from £3.85bn in the final quarter of 2024. Energy debts have quadrupled since 2018 thanks to a toxic mix of rising gas prices and green levies that have sent bills soaring. Poorer households have been hit hardest because energy bills take up a greater proportion of their income. Growing debts are a significant problem for energy suppliers, which fund themselves through household bills. A drop in their income has raised fears that some smaller suppliers could be at risk of collapse. Ofgem launched a consultation on how to tackle the debt crisis last year, which included proposals to write off debts for the poorest households. If debts are written off, money needs to be raised from somewhere else to fill the gap. Options that are being weighed up by the regulator include extra charges on the bills of households not caught up in the crisis, levies on energy suppliers, or a mixture of both. It means millions of people could face higher bills to pay off the debts of others. The outcome of that review has not yet been published. In April, Jonathan Brearley, the chief executive of Ofgem, raised the prospect of charging richer households more for their energy to help pay for the costs of reaching net zero. 'We want to at least ask the question whether or not we can allocate costs more progressively,' he said. Economists typically use the term progressive to mean people pay higher tax rates as their income increases. Adam Berman, director of policy at Energy UK, the trade body for energy suppliers, said: 'A certain amount of debt, the debt which there really isn't any hope of recovery, that effectively gets socialised on everyone's energy bills. 'It's in the interest of society overall that we minimise debt because ultimately the more debt that we get, the more other consumers end up having to pay for that debt.' An Ofgem spokesman said: 'We know the cost of energy remains a huge challenge for many households and the growing issue of debt is one that requires urgent action from everyone across the sector and government.' The energy regulator said it was considering the introduction of a new debt relief scheme 'that could serve as a lifeline for millions of households struggling with unmanageable debts'. Andrew Bowie, the Conservative shadow energy spokesman, said: 'Consumer debt is rising because impossible net zero targets have driven up energy bills and distracted the Government from focusing on cutting them. 'As long as Miliband remains Energy Secretary with his impossible net-zero targets, bills will continue to rise. 'The country needs a serious approach to energy policy – one that tackles the root cause of our high energy prices, rather than raising taxes to pay for sticking-plaster solutions.' Earlier this month, the boss of British Gas called for Rachel Reeves to raise taxes to pay for net zero, rather than putting the cost on energy bills. Chris O'Shea, the boss of British Gas owner Centrica, said: 'At the moment, the costs for doing [net zero] come off consumer bills. There is an option to put that on general taxation and that's something that we would support at Centrica.'
ABC News
a day ago
- Business
- ABC News
Cattle industry ditches pledge to reach net-zero emissions by 2030
Less than a decade after the red meat industry promised to reach net-zero emissions by 2030, it has abandoned the goal claiming it is not possible. A review conducted by the Red Meat Advisory Council (RMAC) found it was not achievable to meet the ambitious 2030 net-zero target announced by Meat and Livestock Australia (MLA) in 2017 and adopted in 2019. Independent chair, Red Meat Advisory Council, John McKillop, said it was partly due to a better understanding of emissions reduction and a realisation they were not on track to reach the target. "We just, quite frankly, realised we're not going to get to carbon neutral by 2030," he said. Livestock contributes about 11 per cent of Australia's total greenhouse gas emissions, according to the national greenhouse gas inventory. Mr McKillop said dropping the target would not impact any research and development programs. "We'll still be trying to reduce our emissions as much as we can, but the focus will now be on emissions intensity rather than the absolute number of tonnes of carbon emitted," he said. The Red Meat Advisory Council will request Meat and Livestock Australia complete modelling on emissions intensity, which it estimates will take a year before any new five- and 10-year targets are set for the industry. Pressed on whether this reversal would receive any backlash from consumers or key export markets, Mr McKillop was resolute. "No, I don't think so. I think you could look at it and say, 'Well, that was a really ambitious target. You got 78 per cent of the way there, five years out from it,'" he said. In a statement, a spokesperson for Agriculture Minister Julie Collins said the industry would be required to continue to reduce emissions. "The Albanese Labor government has supported the red meat industry in its ambitious goal to be carbon neutral by 2030," they said. "While the decision by industry to step away from this aspiration is disappointing, this does not change the need for Australian agriculture to continue to contribute to the economy-wide 2035 targets and the net-zero by 2050 goal, which will require all sectors across agriculture to make meaningful emissions reductions." Romy Carey, CEO of the NT Cattlemen's Association, told the NT Country Hour the change should not be viewed as a backward step. "The original CN30 plan wasn't grounded in a workable industry-wide plan," she said. "I don't think it's a step backwards but a bit of a strategic realignment." However, Farmers for Climate Action CEO Natalie Collard said any change to emissions methodology must have integrity and be widely accepted. "We understand RMAC dropping the carbon-neutral by 2030 target because most farmers won't achieve net-zero emissions by then," she said. "However, we're a science-based organisation, so we can't pretend 'climate neutral' and 'GWP*' [global warming potential] is a credible science." "We have never had to greenwash. Why would we start now? "This methodology has never been modelled … and it would also mean that a sheep would have higher emissions intensity than a cow, simply because of the lower weight. It just doesn't make sense." Caitlin Webb from VC Reid Livestock said the news was a relief for farmers, and the initial target might not have been practical. "I think it's good; it takes a lot of stress off the farmers," she said.
Zawya
a day ago
- Business
- Zawya
Kuwait's KOC eyes green economy with net-zero goal by 2050
KUWAIT CITY - Kuwait Oil Company (KOC) is conducting a comprehensive study on the green economy as part of its efforts to transition to clean energy and support the national goal of achieving net-zero carbon emissions by 2050. Sources told the newspaper that the study focuses on three key areas: the production of green hydrogen using renewable energy, the expansion of carbon capture centers, and the underground storage of carbon dioxide. Sources said this is one of several practical measures that KOC is pursuing to align its operations with global sustainability targets. In a related development, the Board of Directors of the Central Agency for Public Tenders (CAPT) has approved the request of KOC to cancel three tenders related to the supply of electrical power for industrial lift pumps and remote vertical manifolds in the southern and eastern parts of the country. The cancelled tenders were originally intended for the construction of power stations in zones 6, 10 and 12 (first tender); zones 8 and 13 (second tender); and zones 7, 9, and 11 (third tender). The cancellations were made under Article 55, Clause Seven of Public Tenders Law No. 49/2016. Sources indicated that this decision reflects the broader policy of Kuwait Petroleum Corporation (KPC) to rationalize expenditure and reduce operating costs, particularly given that many of the lift pumps currently rely on diesel-powered engines. 'The move also aligns with environmental goals to reduce carbon emissions across the oil sector,' sources added. Despite the cancellation of these tenders, KOC continues to modernize operations and improve production efficiency through the adoption of advanced global technologies. The company is also intensifying its development drilling program and accelerating the rehabilitation of idle oil wells. Notably, the percentage of idle wells was reduced from 14 percent to five percent over the past year, with approximately 2,107 wells repaired in 2024. This added an estimated 10,000 new wells and current oil production is averaging around 1,000 barrels per day. KOC officials have confirmed ongoing efforts to expand renewable energy integration into its operations. Hani Al-Saqabi, a renewable energy specialist at KOC, informed the newspaper that the company has long embraced scientific methods to boost production and reduce energy costs. He highlighted KOC's early adoption of renewable energy initiatives, including the launch of the Sidra 500 solar project in 2017—one of the region's pioneering ventures in clean energy. Ali Al-Harz, Chief Engineer of Technology Management at KOC, added that the company is actively pursuing multiple initiatives focused on solar and wind energy. He emphasized KOC's commitment to achieve net-zero emissions by 2050, stressing that the company is studying several pathways to ensure the amount of carbon emitted is offset by the amount captured or stored through clean energy technologies. 'These efforts position KOC at the forefront of the energy transition efforts of the country, as it seeks to balance traditional oil production with sustainability and environmental responsibility,' he added.
Yahoo
2 days ago
- Business
- Yahoo
Revolutionary Sleek Business Jet Aims To Reach Aviation Net Zero '20 Years Ahead Of Schedule'
Revolutionary Sleek Business Jet Aims To Reach Aviation Net Zero '20 Years Ahead Of Schedule'. This new business jet could bring in super-fast net-zero flight by 2030 - two decades ahead of aviation sector targets. Florida firm Otto Aviation's Phantom 3500 nine-seat jet employs an AI-driven, transonic super-laminar flow architecture which, according to Otto, burns 60% less fuel than comparable aircraft. When fuelled with sustainable aviation fuel (SAF), overall carbon emissions fall by 90%. Speaking at the Paris Air Show earlier this month, chief executive Paul Touw announced the ambitious target of having the plane in use by 2030. 'The Phantom 3500 is the result of relentless innovation and bold thinking,' said CEO Touw during his remarks. 'By achieving carbon neutrality 20 years ahead of the 2050 target, we're not just meeting expectations—Otto is redefining what's possible in aviation'. Inside the jet, passengers will find digital displays in place of conventional windows, offering live panoramic views while helping to keep the fuselage streamlined. Initial flight tests are scheduled for early 2027, with certification and service entry targeted for 2030.
Telegraph
2 days ago
- Business
- Telegraph
UK energy usage falls in sign of ‘declining economy'
Andy Brown, Energy Institute president, said: 'This plays into an overall de-industrialisation of the UK economy that has been occurring over decades. Energy costs are one element in the equation.' Critics have argued that net zero is fuelling the problem by adding green costs to bills. Chris Wright, the US energy secretary, has argued that net zero is 'impoverishing your own citizens in a delusion that this is somehow going to make the world a better place'. Richard Tice, Reform UK energy spokesman, said the energy consumption figures were a 'disaster' for the UK. He said: 'What these figures highlight in an economy in decline. There is a direct link between a country's energy consumption trends and its prosperity. If energy consumption is growing then, generally, so is the economy. And if consumption is falling then the economy is likely to be in decline.' Net zero by 2050 'bankrupting Britain' The fall in energy consumption last year is part of a long-term trend. Total UK energy supply fell by an average 2.1pc each year from 2014-2024, according to the latest Statistical Review of World Energy from the Energy Institute. Andrew Bowie, Conservative shadow energy spokesman, said: 'As our European competitors increase their energy consumption, Britain's is in decline, fuelled by impossible net zero targets that are crippling British industry. 'Every day we get more evidence of what everyone but Ed Miliband already knows – that net zero by 2050 is impossible without bankrupting Britain. 'The Conservatives are the only party that has been honest by recognising that net zero by 2050 is impossible without making hard working families worse off.' Earlier this week the Government launched its Industrial Strategy, which promised to lower electricity costs for select industries in a bid to halt de-industrialisation. However, Mr Brown cautioned: 'The UK government's Industrial Strategy offers reduced electricity costs to some industries but industry utilises a large amount of gas as well as electricity. And since the war in Ukraine gas prices are fundamentally higher. This cost is hard to address.' Clean power strengths Ed Miliband, the Energy Secretary, has said that Britain's industrial future will be based on a boom in low-carbon electricity rather than fossil fuels like gas. At the launch of the Government's Industrial Strategy he said clean energy was 'the economic opportunity of the 21st century' that would release a 'tidal wave of jobs'. He added: 'For too long high electricity costs have held back British businesses, as a result of our reliance on gas sold on volatile international markets. Our Industrial Strategy will unlock the potential of British industry by slashing industrial electricity prices in key sectors. 'We're also doubling down on our clean power strengths with increased investment in growth industries from offshore wind to nuclear. This will deliver on our clean power mission and Plan for Change to bring down bills for households and businesses for good.' The Energy Institute review found that, despite the UK's decline, demand for energy in the rest of the world is surging, rising by 2pc last year alone to a new high of 592 exajoules. An exajoule roughly equates to 174m barrels of oil. The UK consumed about 6.4 exajoules last year. Fossil fuel consumption was part of that rise, with usage surging despite almost every country claiming to be fighting climate change. Oil consumption rose by up to 1pc while gas increased by 2.5pc. Use of coal, the dirtiest major fuel, hit a new high of 9.2bn tonnes – up from 8.1bn tonnes in 2014.
