Cost of hitting PM’s Net Zero target ‘will add extra £400 on families’ energy bills’

THE cost of hitting green targets will mean an extra £400 on families’ energy bills, peers warn.

Regressive levies would hit the youngest and poorest hardest, an influential group of lords said.

And PM Boris Johnson has no chance of meeting his ambitious net zero target without urgent action, they believe.

Investment of £50billion a year is needed to transform the economy to go green but ministers have yet to say how they will raise the money.

If it all came from green levies, it would, in effect, double energy bills, the House of Lords Industry and Regulators Committee said.

It urged the Treasury to borrow the cash instead.

The Government said: “The more clean, cheap and secure power we generate at home, the less exposed we will be to expensive gas prices set by global markets.”