Cost of transition to zero carbon (Case Study)

When evaluating costs for the transition to net zero carbon there are a number of local and international case studies. 

In August 2019, Chief Minister Howard Quayle quoted the potential cost to the Island of retrofitting the current housing stock and new electric vehicle infrastructure to be in excess of £1bn.  Source.

Germany is estimating costs of 1-2% of GDP per annum for 3 decades to transition to renewables. In Isle of Man terms, this would be the equivalent of £52.6m – £105.2m per annum over 30 years. Source. To put this in perspective, the Island’s current reserves are £351.5m. Source.