Net zero to cost British workers equivalent of £2,600 each
So-called 'stranded assets' will cost the UK economy £110bn by 2040, analysis by the UK Sustainable Investment and Finance Association (UKSIF) shows. The group said this was equal to £2,595 for every working adult in Britain.
The figures reflect the cost of investments in industries like oil and gas that are set to become worthless as the world transitions away from fossil fuels. This includes untapped reserves and physical infrastructure such as gas pipes in the ground and oil rigs in the North Sea, which much be decommissioned safely at a cost of billions.
Some £15.2bn of pension assets could also become worthless by 2040, UKSIF warned, equal to 0.5pc of the total UK pension pot.
Willemijn Verdegaal, one of the report's authors from Transition Risk Exeter, said: 'Stranded assets have the potential to cause significant disruption to the global financial system, and the UK faces particularly severe exposure.'
Only the US, Russia and China face a bigger blow from these costs, the report warned. Once accounting for population size only Norway is poised to take a greater hit amongst OECD countries.
Full steam ahead
It comes amid growing concern about the cost and speed at which Britain is racing towards net zero carbon emissions. Analysis by Peel Hunt published this week suggested that decarbonisation efforts since 2005 had left families poorer.
Rachel Reeves, the Chancellor, has sought to refocus the government around pro-growth policies, even where they clash with net zero. While Ms Reeves has insisted there is 'no trade-off between economic growth and net zero', she has said carbon emissions have too often been used as an excuse 'not to invest'.
Ed Miliband, the Energy Secretary, continues to wholeheartedly push net zero. He has moved to deliver Labour's manifesto pledge to ban new oil and gas licences in the North Sea, despite warnings about lost jobs and investments.
The UKSIF report warned that individual savers across Britain would bear the brunt of the cost of net zero through their pensions, their savings losing value and the wider impact on the economy.
The world faces a total economic cost of $2.28 trillion (£1.8 trillion) from abandoning fossil fuels, a figure which has nearly doubled in the last five years.
However, the cost of failing to stem climate change would be far greater, the report warned. If global temperatures rise between 2.5 and 2.9 degrees Celsius, it will spark natural disasters inflicting losses as high as $12.5 trillion (£9.7 trillion) by 2050.
Scientists have warned that events like the California wildfires in January and the Valencia floods last October would become far more frequent and intense in such a scenario.
Vast amounts of fossil fuels must be left in the ground to prevent global temperatures from surging beyond 1.5 degrees above pre-industrial levels, the report said.
Recent events suggest this may be difficult to achieve. Oil majors BP and Shell had vowed to focus more on green energy but have recently pivoted back to focusing on oil and gas.
James Alexander, the chief executive of UKSIF, said: 'Too many oil and gas companies are betting on demand that will not materialise in a decarbonising world, and the public are at risk of paying the bill.'
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Scottish Sun
44 minutes ago
- Scottish Sun
I'm a top UK cop-turned UFO hunter – here's why Donald Trump is running out of time to ‘come clean' about alien secrets
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) DONALD Trump should come clean on UFOs before a "catastrophic event", a former British detective has warned. Gary Heseltine believes the US president should disclose the truth before a sighting causes mass panic. 8 President Donald Trump has teased the release of documents relating to UFOs Credit: Getty 8 Chilling UFO footage allegedly showing a US warship facing off with 'Tic Tac' aircraft in 2023 Credit: Twitter/@JeremyCorbell 8 Former British cop Gary Heseltine now runs a UFO agency Credit: Gary Heseltine Gary, who probed the 7/7 London bombings for the British Transport Police, is now a leading UFO detective, giving lectures around the world. The 65-year-old, who took early retirement in 2013 to launch his own UFO magazine after 24 years in the force, says it's only a matter of time before an incident would go viral over the internet sparking alarm. And he believes the pressure is growing to reveal the truth after several whistleblowers have come forward to give evidence before the US Congress and a new documentary featuring 34 high level military and government officials - including Senator Marco Rubio - has been released. He said: "With the arrival of President Trump for a second term in the White House many people wondered if he would become the 'Disclosure' President. "This was after many others who would go on to become senior officials in the administration had openly and publicly stated their views on the need for transparency on the UAP issue prior to taking office. "People like Secretary of State, Marco Rubio, Tulsi Gabbard, the Director of National Intelligence, Kash Patel, the Director of the FBI and John Ratcliffe, the Director of the CIA. "These people have openly advocated UAP transparency but in the first four months of the administration they have said nothing on the issue publicly. Why not?" With wars waging in Ukraine and the Middle East, Gary believes now would be the right time to admit we are being visited by non human intelligence (NHI) to unite the planet. He adds: "While the new President has walked into several major world issues like the Ukraine/Russia conflict and tensions in the Middle-East with the war with Israel/Palestine and further activity in Yemen, Iran, Syria and Lebanon etc., some might argue that it might be an appropriate time to announce Disclosure. "Such a revelation might galvanise nations away from the polarisation we see currently. Area 51 at risk as huge fire creeps closer to base with black smoke filling air sparking wild UFO conspiracy theories "This may sound fanciful but no-one doubts that as and when Disclosure occurs, that it will be the most profound moment in human history. "UAP are the Elephant in the room, no-one is talking about Non Human Intelligence because there hasn't been a Disclosure announcement, yet, we know from fast developing events in the U.S. that it is seemingly just around the corner. "Whether it is this year or next, the reality is that such an announcement is likely to occur soon and when it does and the reality of NHI sinks in, nothing in politics, the military and life in general will ever quite be the same. "We know that the Five Eyes countries (U.S., U.K., Canada, Australia and New Zealand) have been briefed on UAP activity in May 2023 and perhaps several more countries have been too, but the question is to what level are our military and political leaders informed. While the new President has walked into several major world issues like the Ukraine/Russia conflict and tensions in the Middle-East with the war with Israel/Palestine and further activity in Yemen, Iran, Syria and Lebanon etc., some might argue that it might be an appropriate time to announce Disclosure. Such a revelation might galvanise nations away from the polarisation we see currently. Gary Heseltine "It remains a big question, just how much do our political leaders know about the reality of UAP? "I fear that they are vastly under informed and under prepared for an NHI Disclosure world." Gary, of Wakefield, West Yorkshire, who edits UFO Truth Magazine, is hopeful about a new documentary called Age Of Disclosure - featuring dozens of top officials including US Secretary of State Marco Rubio - could bring about "a new dawn in mankind's history." The retired cop said: "After giving it much thought I think 2025 could be a crucial year for the Disclosure issue. Trump vows to release new Pentagon UFO videos if he wins after admitting there 'could be life on other planets' By Sayan Bose DONALD Trump vowed last year to reveal exclusive UFO footage if he was elected back to the White House. The Republican presidential candidate said he would push the Pentagon to declassify the alleged UFO sighting videos in a sensational interview. Trump, who went on to trounce Democratic rival Kamla Harris in the presidential elections in November 2024, is known to have a decade-long fascination with aliens and unexplainable sightings. He told popular American podcaster Lex Fridman that he would "surely" make secret footage of alleged UFO sightings public. During the chat, Fridman asked Trump: "Will you help push the Pentagon to release more footage, which a lot of people claim is available?" To which Trump readily agreed and said: "Oh yeah, sure, I'll do that. I would do that. I'd love to do that. I have to do that." The Republican leader also claimed he had faced pressure to declassify previous records of alien encounters as he admitted "there could be life on other planets". He added: "People begged me not to do it but I'll be doing that very early on." "Clearly the Trump administration is not going anywhere near the NHI topic at the moment, so when will the issue be broached? It's a good question. "The Federal Secrets Task Force under the stewardship of Congresswoman Anna Paulina Luna was given only a six-month mandate to look at the likes of the JFK, RFK assassinations etc, but it was also supposed to look at UFO/UAP/USOs yet, the latter dates to discuss that have been put back until no-one knows. "If things don't develop soon on that front, then the six months mandate may soon expire. What then? "Approximately two months ago a major new UAP documentary film, 'The Age of Disclosure' premiered at a mid-west film festival and it received very favourable reviews in the mainstream media yet, the roll-out of the film nationwide/worldwide did not follow and has been put on hold. "Why? My guess it is all about timing. "I suspect the volatile situations in Europe and the Middle-East have put paid to addressing the UAP issue for the time being. "I think it will be interesting to see when the film is released, and indeed how it is rolled out. "Some people think it may get a national cinema run which would be very interesting if that occurs. "I believe the documentary may hold the key to a 'Disclosure' moment as it is meant to usher in a new dawn in mankind's history. "Senator Marco Rubio, the Secretary of State for the United States is featured in the film and he is seen as third only to the President and the Vice President in terms of his place in the administration. 8 US Secretary of State Marco Rubio features on a new UFO documentary Credit: Reuters 8 FBI Director Kash Patel Credit: AP 8 CIA director John Ratcliffe Credit: AP "His appearance in the film is bound to be a major talking point for the media. "Whilst I have not seen the film the excellent trailer states that 34 key people appear in it, including several current politicians. "In the film trailer, Jay Stratton, the former head of the UAP Task Force states openly that he has seen NHI craft and Non-Human bodies. That in itself is highly noteworthy. He's never said anything like that publicly before. "In recent months two eminent scientists involved in UAP research for decades have finally revealed things in public for the very first time. "Hal Puthoff, arguably the most important scientist ever to work on the UAP issue, said recently on the Joe Rogan podcast, that the U.S. has 10 NHI craft in its possession. "And only in just the last few weeks, Eric Davis, a scientist who has worked with Puthoff for many years said at a UAP Disclosure Fund event in Congress, that there are four different types of NHI, the Greys, Reptilians, Mantids and Nordics! "What has long been suspected has now been confirmed by one of the world's leading scientists on the UAP issue. His public statement is something of a wow moment for me." 'PHOENIX LIGHTS' Back in March 1997, thousands of people, including Hollywood actor Kurt Russell and a former US governor, witnessed the so-called Phoenix Lights. Some people managed to film the lights using camcorders as camera phones were not available. But smartphones are everywhere now and Gary believes another major event could not be easily hushed up or dismissed by the powers that be like they did before. He said: "I think we are truly at a crossroads on the Disclosure issue. "There is a real chance this year that things will come together and the film 'Age of Disclosure' will be used to support an announcement by President Trump of the reality of NHI. "However, if that does not happen this year then the moment we have all hoped for so long may have been lost for who knows how long and the prospect of 'Catastrophic Disclosure', a term coined by Colonel Karl Nell, may be the only way that the NHI story finally breaks into the mainstream world. What were the Phoenix Lights? The Phoenix Lights were a series of widely sighted unidentified flying objects (UFOs) observed over Arizona and Nevada on March 13, 1997. Thousands of people reported seeing a V-shaped formation of lights moving silently across the sky, and stationary lights in the Phoenix area. While some believe it was a UFO sighting, the official explanation is that they were flares dropped during military exercises. The lights were observed between 7.30 pm and 10.30pm MST, spanning a distance of about 300 miles, from the Nevada border through Phoenix to Tucson. The Air Force stated the lights were flares dropped during military exercises at the Barry M. Goldwater Range near Phoenix. Despite the official explanation, many people believe the lights were a genuine UFO sighting, and the incident has become a significant event in UFO lore. The Phoenix Lights remain a subject of debate and fascination, with many still questioning the official explanation. "Yet 'Catastrophic Disclosure' should be a last resort measure because of the uncertainty such an event may cause. "For decades the forces that have controlled the UAP narrative have risked such an event but were half prepared to combat such a scenario, the risk for panic and alarm is now much higher because of the internet, new technology and the use of social media. "Think about it, everyone carries a smartphone with high quality video cameras and applications that offer immediate 'live streaming'. "I've been saying it for several years that if the 1997 Phoenix Lights event took place now that it would likely cause a 'Catastrophic Disclosure' moment. "Back then the authorities were able to cast doubt on grainy poor quality videos of lights in the sky above the city and they just about managed to 'control' of the media and officials but it was a close shave. "But here is the kicker, I believe that if that same event happened today and was seen by over 50,000 people, and was captured in 4k, 8k video and 'live streamed' within minutes of it occurring the authorities would not have time to contain it. "Such an event would likely go viral across the world on social media in minutes …. and the cat would be out of the bag. "A mile wide craft of unknown origin captured in stark reality over the city of Phoenix and with it 'Catastrophic Disclosure' on an unprepared world. "So this is a choice for our political leaders. I would urge President Trump to inform the world about the reality of NHI soon or risk causing major public panic with a 'Catastrophic Disclosure' event. "The clock is ticking like never before." Do you know more? Email 8 Gary says it's time for the truth Credit: Gary Heseltine
Daily Mirror
an hour ago
- Daily Mirror
MIKEY SMITH: 7 unhinged Donald Trump Scotland moments as he moans nobody thanked him for Gaza aid
Donald Trump is still in Scotland, for some reason using it as a base to agree trade deals between the US and other countries Donald Trump is still in Scotland, for some reason using it as a base to agree trade deals between the US and other countries. But at least we're all paying millions of pounds to ensure he can do that - and play some golf - without any pesky protesters bothering him. He welcomed Ursula Von der Leyen, the President of the European Commission, to his Scottish White House - and very rapidly agreed a trade deal with her. Like, in less than an hour. And he, obviously, had another rant about wind farms. Here's everything you need to know about the happenings in Trump World: Scotland. Buckle up. 1. He went golfing with a motorcade of 27 vehicles - including one very special one back out on the course this morning for a chilly second morning of his golf holiday in Scotland. He was seen on his Turnberry golf course in South Ayrshire, being transported between transported between holes in a motorcade of 26 golf carts plus one curious vehicle. This thing appears to be an articulated, secret service golf buggy. Sort of a golf equivalent of the Beast. It has reportedly been dubbed "Golf Force One". His adult sons Eric and Don Jr were both with him on the course. 2. Some British fans came to see him at the golf course. And by some we mean three There was no sign of anti-Trump protesters outside the golf course this morning - three British Trump fans were out on the hill next to Turnberry. They wore Make America Great Again hats, waved small US flags and held a sign that read "Don't trust Starmer". Trump waved and blew a kiss towards the fans before he took his shot. Tom English, one of the group who had travelled from Blackburn, said: "I can't believe we're the only ones, to be fair. I thought there'd be more people." Asked why he'd travelled so far to support the leader of another country, Mr English said: "I've just loved him from day one when he ran. I like the way he speaks, his personality, the comedy gold he comes out with. "He had me at Rosie O'Donnell to be honest with you." Ms O'Donnell has been the target of a long running campaign of abuse by Trump, who earlier this month threatened to revoke her citizenship. "I've supported him all the way through. It's just because he'a not one of them, basically. He came in, said he's going to drain the swamp, end the deep state and that's what he's trying to do." 3. One Brit said he'd totally sussed out Trump's plan for the Epstein files "I can see what's happening," said Tom English, who travelled from Blackburn to see Trump in the flesh. He said he was not bothered by the scandal - here's why. "If you follow Trump from day one, and you know how he works, and you've read his book, The Art of the Deal, and you know he's studied the art of war, then you can see the tactics he's using." Asked what the tactics he's using are, Tom said: "The Dems don't want it releasing. You've got judges and people in congress who don't want the Epstein files releasing for years on end now. "So he says, it's all fake. It's fake news. The Democrats are making it up. "All of a sudden it's the Republicans that are blocking it and the Democrats are voting for it to be released." Still with us? Good. He went on: "Now what will happen is he'll order the MAGA lot to reverse the vote, and they'll be Trump won't be in there. "But his adversaries will. That's my prediction." So, to recap, the whole of the last few weeks, where Trump has been pulling out all the stops to divert attention away from discussions about the Epstein files, has been a massive red herring. It's a sneaky ruse to trick the Democrats into releasing the files - because it's only them who will actually be damaged by them. This seems like a high risk strategy to us, especially considering the weight of evidence and reporting that contradicts every element of it. 4. He threatened to have Beyonce prosecuted Trump posted a massively unhinged rant on Truth Social, during which he threatened to have Beyonce and Oprah Winfrey prosecuted over things that never happened. It comes down to a baseless, evidence-free nonsense conspiracy theory posted online by people who made it up out of thin air, which claims Beyonce charged Kamala Harris $11m for her endorsement, and Oprah claimed £3m for expenses. Trump wrote: "I'm looking at the large amount of money owed by the Democrats, after the Presidential Election, and the fact that they admit to paying, probably illegally, Eleven Million Dollars to singer Beyoncé for an ENDORSEMENT (she never sang, not one note, and left the stage to a booing and angry audience!), Three Million Dollars for "expenses," to Oprah, Six Hundred Thousand Dollars to very low rated TV "anchor," Al Sharpton (a total lightweight!), and others to be named for doing, absolutely NOTHING! These ridiculous fees were incorrectly stated in the books and records." Not a word of the above sentence (and yes, it is one sentence) is true. He went on: "YOU ARE NOT ALLOWED TO PAY FOR AN ENDORSEMENT. IT IS TOTALLY ILLEGAL TO DO SO. Can you imagine what would happen if politicians started paying for people to endorse them. All hell would break out! Kamala, and all of those that received Endorsement money, BROKE THE LAW. They should all be prosecuted! Thank you for your attention to this matter." Nobody did any of this. It was made up. 5. He moaned that he didn't get enough thanks for sending food to Gaza Speaking ahead of his negotiations with Ursula Von der Leyen, Trump admitted he was "not in a good mood." He fumed about America not getting more credit for sending humanitarian aid to Gaza. "We gave $60 million two weeks ago and nobody even acknowledged it, for food," he said. "And it's terrible. You know, you really at least want to have somebody say thankyou. No other country gave anything. We gave $60 million two weeks ago for food for Gaza and nobody acknowledged it." He went on: "And nobody said 'Gee, thankyou very much'. And that would be nice, to have at least a thankyou." Get Donald Trump updates straight to your WhatsApp! As the world attempts to keep up with Trump's antics, the Mirror has launched its very own US Politics WhatsApp community where you'll get all the latest news from across the pond. We'll send you the latest breaking updates and exclusives all directly to your phone. Users must download or already have WhatsApp on their phones to join in. All you have to do to join is click on this link, select 'Join Chat' and you're in! We may also send you stories from other titles across the Reach group. We will also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose Exit group. If you're curious, you can read our Privacy Notice. 6. In case anyone didn't know already, he explicitly gave away why he hates wind turbines so much In his extended disco remix rant ahead of a relatively brief negotiation with Von der Leyon, Trump somehow managed to weave onto talking about wind farms. At length. Again. But in case you were wondering why the subject was on his mind, he gave the game away: "Today, I'm playing the best course I think in the world. Turnberry. "Even though I own it, it's probably the best course in the world. "And I look over the horizon and I see 9 windmills at the end of the 18th. I say, isn't that a shame?" 7. He insists he didn't rush through the EU trade deal to distract from the Epstein scandal We actually kind of believe him on this one. This seems to be a fairly natural reaction.
Daily Mirror
2 hours ago
- Daily Mirror
These British Donald Trump fans reckon they've sussed his secret plan for the Epstein files
"I can see what's happening," said Tom English, who travelled from Blackburn to see Trump in the flesh - before explaining the sneaky game he thinks the US President has been playing Donald Trump probably hoped he'd get away from the raging scandal about Jeffrey Epstein when he came to Scotland for the weekend. He certainly seems like he'd rather not talk about it, and tries to divert the conversation to literally any other topic every time it comes up. But questions about his relationship with America's most notorious paedophile, and over why - if, as he says, he isn't in them - he's so reluctant to release the FBI files relating to him, continue to dog his presidency. It's created the biggest backlash from the MAGA movement since he first ran for office - with even the President calling people who question him over it "cowards" and "former supporters". So when we spoke to a small group of British Trump fans today near his golf course in Turnberry, we asked them whether the whole thing bothered them. "I can see what's happening," said Tom English, who travelled from Blackburn to see Trump in the flesh. He said he was not bothered by the scandal - here's why. "If you follow Trump from day one, and you know how he works, and you've read his book, The Art of the Deal, and you know he's studied the art of war, then you can see the tactics he's using." Asked what the tactics he's using are, Tom said: "The Dems don't want it releasing. You've got judges and people in congress who don't want the Epstein files releasing for years on end now. "So he says, it's all fake. It's fake news. The Democrats are making it up. "All of a sudden it's the Republicans that are blocking it and the Democrats are voting for it to be released." Still with us? Good. He went on: "Now what will happen is he'll order the MAGA lot to reverse the vote, and they'll be Trump won't be in there. "But his adversaries will. That's my prediction." So, to recap, the whole of the last few weeks, where Trump has been pulling out all the stops to divert attention away from discussions about the Epstein files, has been a massive red herring. It's a sneaky ruse to trick the Democrats into releasing the files - because it's only them who will actually be damaged by them. This seems like a high risk strategy to us, especially considering the weight of evidence and reporting that contradicts every element of it.
