As a lifelong Conservative, I'm frustrated by the party's recent drift towards statist interventionism, and the energy sector is no exception. The Net Zero targets are a prime example of this, with unrealistic timelines and a lack of consideration for the economic consequences. We need to take a step back and let the free market drive our energy strategy, rather than ideological purity.
A free market approach would allow us to prioritize security and affordability, while still reducing our carbon footprint. This means investing in cleaner ways to use fossil fuels, like carbon capture and storage, and ensuring we have a robust domestic supply. It also means avoiding blanket bans on new exploration and instead, letting the market decide where investment should go. I've seen this approach work in other sectors, where competition and innovation have driven down costs and improved efficiency.
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A free market approach to energy would likely exacerbate existing inequalities, with affluent areas getting the latest renewable technologies while poorer areas are left with outdated, polluting infrastructure. The example of rural broadband is a clear warning sign that we should not be relying solely on the market to deliver essential services, and instead should be investing in a more comprehensive, publicly-led approach to our energy strategy.