katero
Jun 30, 2026

Ed Miliband wasting 'colossal amount of money' says eco tycoon

Ed Miliband's department should be broken up and the term net zero dropped, according to a prominent Labour donor and eco tycoon.

In a scathing assessment of the Energy Secretary's record, Dale Vince claimed his £50billion of green schemes were a 'colossal waste of money' for the economy and the environment.

He called for the Department for Energy Security and Net Zero (DESNZ) to be abolished with HM Treasury taking over responsibility for the 'green economy' and the Department for Business running energy policy.

'We need to end the ideology and zealotry with which net zero has been pursued - which essentially has been without any consideration for cost or the effectiveness of the technologies being backed,' Mr Vince wrote on social media.

And he told The Times, as Andy Burnham prepares to replace Sir Keir Starmer: 'A change of leader gives Labour the opportunity to take a new approach.

'The country is crying out for bold changes that will make a difference — a reset of our approach to net zero is the ideal starting place.

'Ditching net zero, breaking up the Department for Energy Security and Net Zero (DESNZ) and clawing back vast sums of public money is exactly that: a bold policy move that will make a difference.'

The multi-millionaire founder of Ecotricity called on the Government to scrap its commitment to spend £22billion on carbon capture – storing emissions underground – because it is not yet commercially viable.

Eco tycoon Dale Vince attending Labour party conference in Liverpool in 2024

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