British Households Will Pay More Than $13K Each for Climate Law By 2030

Britain's 8-year-old climate change law will cost the average household there about $13,703 by 2030, according to a new report.

The Global Warming Policy Foundation analysis said the cost factor was not properly figured into the U.K.’s Climate Change Act of 2008, the Daily Caller reported. 

The report found that levies, taxes and subsidies associated with the law cost the average British household $415 in 2014, and will go up an estimated $791 annually by 2020 and $1,110 each year by 2030.

The law commits the U.K. to cut emissions by at least 80 percent in 2050 from 1990 levels. 

The report — written by a Conservative member of Parliament, Peter Lilley — says the government only considered about one-third of the Act’s total costs while simultaneously overestimating potential savings from energy efficiency, the Daily Caller reported.

U.K. residents pay 54 percent more for electricity than Americans, and energy taxes there cost residents about $6.6 billion a year, according to the Daily Caller.

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