The transition to a net-zero-carbon economy will not be expensive if money being invested in fossil fuels is instead ploughed into renewables and other carbon-free technologies, according to the chief executive of the Committee on Climate Change, the independent body that advises the UK government on climate policy.

“Although it’s difficult and although it’s a challenge beyond anything else that we’ve attempted, it’s not impossible to do this [achieve net zero by 2050],” Chris Stark told the Green Investment Group conference in London last week.