Economist Lord Stern says public and private investment is needed to reach climate goals by 2050.
The UK has made good progress towards achieving net-zero carbon emissions by 2050 but getting there may need higher taxes.
He added: "I'm not arguing for delaying investment in health and education. We have to pursue those at the same time. He is optimistic that a tipping point in key green technologies - including energy generation, car batteries and fertilizer manufacture - is achievable within a few years, with artificial intelligence playing a key role.Lord Stern reckons taxes will have to rise to support the UK's journey to net zero
But some UK Ministers, including former Business Secretary Grant Shapps, who now heads up the new Department for Energy Security and Net Zero, have been critical of President Biden's move.Such subsidies are typically financed by tax revenue or borrowing.He supports the current windfall tax on North Sea oil and gas production, saying it is only right that producers should pay over a slice of the unforeseen profits earned on assets that are ultimately owned by the nation.
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