Just one in six senior energy executives now believe the world can achieve net zero emissions by 2050, a dramatic drop from nearly half last year, according to a global survey by the Energy Industry Council (EIC). The findings have sparked calls for the government to slash regulation, provide more financial incentives, and reform the planning system.
The survey shows that only 16% of executives think the 2050 target is attainable, down from 45% in 2024. The decline is attributed to a lack of policy clarity, underinvestment, and delays in project approvals. Confidence in interim 2030 targets has also fallen, with just 14% believing their own countries can meet them, and only 5% expecting global targets to be achieved.
The EIC report warns of 'systemic barriers, policy inertia and flip-flopping,' highlighting 'lapses in government leadership' and the need for binding mandates and regulations. Stuart Broadley, EIC chief executive, said: 'Business leaders are not seeing the level of policy certainty or investment required to deliver net-zero ambitions.'
The news comes as Prime Minister Sir Keir Starmer appeared to soften his stance on net zero, suggesting oil and gas would remain part of the UK's energy mix for 'decades'. This is a blow to Energy Secretary Ed Miliband, who has championed the transition with the creation of GB Energy at an initial cost of £8.3 billion. Acting Shadow Energy Secretary Andrew Bowie criticised Labour's 'reckless energy policies', saying they have 'shattered industry confidence'.
Andrew Montford, director of Net Zero Watch, said: 'It has been obvious for several years that Net Zero is irrational and unaffordable. It is no longer a question of whether Net Zero will fail, but of when, and how much damage will be done.'
