The UK has made good strides toward having net-zero carbon emissions by 2050, but it may take higher taxes to get there.
Lord Nicholas Stern, a renowned economist, says that investment in new technologies must come from both the public and private sectors.
A former executive of the oil giant BP is also urging the UK to follow the US in promoting green technology.
The UK is "leading the way" in combating climate change, according to the government.
According to Lord Stern, who spoke to the BBC, "We need to have growth and reduce emissions, and investing in new technologies will help us get there. ".
He continued, "I'm not arguing for postponing investments in health and education. These need to be pursued concurrently.
"If we need to increase taxes a little, so be it. For the truly incredible investments, we should borrow a little bit more money, so we should. ".
His remarks come at a time when the UK is dealing with the highest taxes in relation to income since the Second World War and the nation is struggling with a crisis in the cost of living.
Additionally, the government is facing pressure to lower taxes from some quarters.
More public investment, according to Lord Stern, could benefit the environment and the economy.
A groundbreaking report on climate change was authored by Lord Stern in 2006 for the government, which was then headed by Prime Minister Tony Blair. For former British Prime Minister Boris Johnson, he presented an updated version in 2021.
He believes that key green technologies like energy production, automotive batteries, and fertilizer production will reach a tipping point in the next few years, with artificial intelligence playing a crucial role.
Lord Stern anticipates that the majority of the funding will come from private sources, but the government will still be required.
Lord Browne, a former BP CEO who is now the head of a private equity fund that invests in companies that reduce greenhouse gases, favors more government assistance for businesses.
He is pleading with the government to look for ideas in other parts of the world.
According to President Biden's Inflation Reduction Act, consumers who purchase electric cars made in the US will receive discounts in addition to subsidies and tax credits for the production of renewable electricity, hydrogen, sustainable aviation fuel, and electric vehicles.
The Inflation Reduction Act, according to Lord Browne, "is pretty dramatic. I will give the US an A-grade.". "It's not nearly enough, but it's a good start and it's drawn attention. ".
Some UK ministers, however, including former business secretary Grant Shapps, who now oversees the new Department for Energy Security and Net Zero, have criticized President Biden's decision.
They worry that it gives American companies an unfair advantage.
These subsidies are typically paid for with tax money or borrowed money.
Lord Browne claims that there is already one tax revenue source that could be used more effectively.
He is in favor of the nation's current windfall tax on North Sea oil and gas production, arguing that it is only fair for the industry to contribute a portion of the unanticipated profits made on assets that ultimately belong to the country.
He would like to see the money used to support experts in renewable energy who are creating new forms of energy.
However, Lord Brown worries that because there are so many things to think about, like securing the UK's energy supply, environmental concerns may have slipped from the top of policymakers' minds.
Government ministers, he claimed, are preoccupied with "very simple things, like a rediscovery of inflation and a rediscovery of security.".
"Keeping the lights on and ensuring energy security come first. Next is affordability. Climate comes in third. While it is true that you should be able to do all three things at once, it is purely hypothetical to claim that this is how most people focus. In life, they simply don't. " .
However, Prime Minister Rishi Sunak stated that the energy crisis was a justification for hastening the energy transition during his speech at the COP 27 climate conference last year.
The UK government asserted that it is "leading the world in tackling climate change" in a statement, noting that policies have supported 68,000 green jobs since 2020. ".
The Department for Energy Security and Net Zero officially began operations last week.
The latter was one of 129 recommendations in a review of the UK's progress toward net zero that the previous Prime Minister Liz Truss had commissioned, which urged the government to adopt a more daring strategy.
But in order to increase that role in climate action, difficult conversations might be necessary.
Although people are still very concerned about climate change, pollsters Ipsos discovered that their attention is now more on inflation, the economy, and public services.
Additionally, the level of support decreased when it tested a number of policy areas, such as phasing out fossil fuel heating and charging environmental fees for frequent flyers or other products.
Voters are eager to make the right decision, but perhaps less so when it comes to funding change, particularly at the moment. .
On Radio 4's: you can hear more about this. Has net zero been put on hold due to the economic crisis? on BBC Sounds and on Monday, February 13 at 2030.