If you think net zero is expensive, wait until you see the cost of the climate crisis

Never mind the expense of transitioning to a greener economy, the price of inaction is far higher, writes James Moore

Expect more floods like this one in Somerset (Getty)

Going green will “destroy our economy” – at least, according to some commentary in recent days. We are informed that Britain is at the top of the global game when it comes to cutting carbon; we’ve done our bit, and going further to fight the climate crisis will harm Brexit-battered UK plc.

However, Britain’s largest asset manager – which is well-informed on the economic impacts of rising sea levels, droughts, bad harvests, floods and other extreme weather events – makes clear in a report that cost will be reduced if we act to address the cause of these nasties. and much higher if we don’t.

Legal & General Investment Management (LGIM) oversees £1.2 trillion in assets, mostly via funds that track stock market indices. For managing them, it charges a small percentage of customer assets each year. If the economy grows and the markets grow, so do its fees and both shareholders and customers are happy, so it’s got skin in this game.