Published by Global Banking and Finance Review
Posted on September 23, 2025
By William James
(Reuters) -Britain's energy minister Ed Miliband said talk of a U.S.-led global retreat from climate action was overstated and that the economic arguments supporting net zero were strong enough to see off domestic and international scepticism.
Miliband spoke to Reuters from New York Climate Week, where speakers have called for world leaders to turn climate promises into action, against a backdrop of U.S. President Donald Trump's agenda of boosting fossil fuels, rolling back pollution regulation and defunding science and climate action.
NOT EVERYONE IS DOWN ON CLIMATE ACTION
"There's lots of talk about countries stepping back from climate action and clean energy, but my message is, don't believe the doomsters," he said by videolink.
"When you look at what's really happening, it's actually a very, very different story."
As well as citing a more upbeat-than-expected vibe at Climate Week events, he pointed to data showing clean energy technologies attracted over $2 trillion in investment in 2024 - twice the amount in fossil fuels.
TRUMP CALLED WIND POWER 'EXPENSIVE JOKE'
Last week on a high profile visit to Britain, Trump described wind power - a key component of Miliband's plans to decarbonise UK electricity production by 2030 - as an "expensive joke" and urged the country to tap its remaining oil and gas reserves instead.
In response, Miliband said countries were entitled to act in their own interests, and that for many outside the U.S., targeting climate goals can lead to cheaper and more secure energy.
A report in July by the International Renewable Energy Agency found the majority of newly commissioned renewable energy is more cost-effective for electricity generation than most fossil fuels worldwide.
UK POLITICAL OPPONENTS PREFER FOSSIL FUELS
Miliband has faced opposition in Britain from opponents including Nigel Farage's populist Reform UK party - currently leading British opinion polls ahead of an election not due until 2029 - who accuse him of driving up bills by subsidising investment in renewable energy.
Farage has promised to scrap net zero targets and subsidies, and support drilling for oil and gas.
"I think they are on the wrong side of the British people, to be honest ... people want action on the environment. They want it in a way that helps tackle the cost of living crisis," Miliband said
"We're happy to have that fight about what Britain's future looks like, and I believe it's a fight we can win."
(Reporting by William James in London; Editing by Aidan Lewis)
