A majority of British business leaders support government efforts to phase out fossil fuels, according to campaign groups who state that proponents of expanded oil and gas extraction are falling behind mainstream commercial sentiment.
A survey evaluating views among leading entrepreneurs indicates that 55 per cent back the current government stance.
With Labour committed to stopping new oil and gas licensing, 62 per cent of the 1,350 respondents in the latest UK Business Leader survey said the plan to phase out fossil fuels would either help their enterprise or have no effect.
A matching 62 per cent felt ending oil and gas reliance would either benefit the UK economy or make no difference, while 35 per cent anticipated negative economic consequences.
The data was published ahead of the Conservative Party conference starting on Sunday, where Kemi Badenoch’s party continues to champion North Sea energy developments.
However, Uplift executive director Tessa Khan warned that persistent reliance on oil and gas leaves commercial entities and households facing "unaffordable energy bills".
Her statement follows average UK diesel prices topping £2 per litre for the first time, alongside an October rise in the energy price cap and the likelihood of further steep increases in January.
Ms Khan said "business leaders want a clean energy system that cuts costs, strengthens the economy and benefits their customers", alongside "clear signals from government – including an end to new drilling – that show the UK is serious about the shift to renewables".
She stressed: "Those demanding more drilling are increasingly out of step with the majority of businesses in this country.
"If this government is serious about energy security and economic growth, it must double down on a clean, electrified energy system and break our dependence on fossil fuels for good."
James Alexander, chief executive of the UK Sustainable Investment and Finance Association (UKSIF), said: "Businesses clearly recognise that breaking the UK’s long-term reliance on fossil fuels makes financial sense.
"We’ve seen just this year how oil and gas dependency can leave companies exposed to sudden price shocks, driving up operating costs and squeezing profit margins.
"Countries that are shifting to clean energy now will be far better placed to convince global markets they are a stable destination for investment in the years ahead. Policymakers must ensure they fully recognise the business consensus on this issue."
Rachel Solomon Williams, executive director of the Aldersgate Group, noted: "Our business members are clear that clean power and greater electrification are a key route to investment, competitiveness and energy security in the UK.
"The closure of the Strait of Hormuz is yet another reminder of how exposed UK firms remain to volatile international fossil fuel prices.
"The best protection is to make clean electricity more competitive with gas, moving policy costs off electricity bills and onto general taxation, progressing grid development and connection reform, and accelerating economy-wide electrification.
"Above all, businesses need clear, stable, and long-term policy signals to commit the investment needed. With climate impacts already adding costs for businesses, delay is not a cheap option."
Scott Arthur, Labour MP for Edinburgh South West, added: "This polling confirms that businesses want a clean energy future, not one hooked on fossil fuels.
"The rollercoaster of international oil and gas markets has undermined competitiveness and reduced resilience.
"For Scotland, the transition to clean energy offers huge potential for investment, growth and reindustrialisation.
"With this Government’s industrial strategy, we are offering a route off the rollercoaster, and towards a better future for business."
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