Ed Miliband accused of wasting 'colossal amount of money' by eco tycoon who says Energy Secretary's department should be broken up and term 'net zero' scrapped

By MARTIN BECKFORD, POLICY EDITOR Published: 23:18, 29 June 2026 | Updated: 23:20, 29 June 2026 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 He likened the process to 'pinning our hopes on the tooth fairy'. Mr Vince also criticised Government subsidies for electric cars and heat pumps, a more environmentally friendly alternative to boilers, because they benefit those who can already afford to make the switch. 'The return to our economy from these massive investments amounts to roughly net zero: nothing,' he said. 'By scrapping carbon capture and heat pump budgets, we could free up around £13 billion during this parliament for priorities such as defence, without slowing our progress towards the actual goal of net zero.' Mr Vince even claimed Mr Miliband's approach was helping Reform UK. He said: 'Miliband's DESNZ has gifted Reform with one of their most potent attack lines — 'stupid net zero'. It's a line that works because it contains an element of truth.' But a DESNZ spokesman insisted: 'Net zero is the economic opportunity of the 21st century. 'We've secured £100 billion in private investment into clean energy this parliament, and independent analysis from CBI Economics has recently shown that Britain's net zero economy now supports more than one million jobs. 'From carbon capture in Teesside and Nuclear at Sizewell C in Suffolk to offshore wind in Scotland, net zero is driving growth, jobs and energy security for families and businesses across the country.' The comments below have not been moderated. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. By posting your comment you agree to our house rules. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook. You can choose on each post whether you would like it to be posted to Facebook. Your details from Facebook will be used to provide you with tailored content, marketing and ads in line with our Privacy Policy.