Dromedary - I do prefer the wait and see approach because that is the best approach. We can exploit technology as yet unknown and uninvented that will solve the problem for us if we wait a little longer.
What is the point in killing our economy by investing in energy sources that are twice as expensive as current best available ones when we could wait for 20 years and have a much better technology. I just hate to see us going down the same road of 'picking winners. that lead us to nuclear power which is still not economically feasible (£90/MWh) and always at great risk of a devastating nuclear accident.
For example, go back 20 years, and look at the newest combined cycle gas turbines back then and compare then with the ones we have today. At best in 1993 the CCGT we had then were doing 45% thermal efficiency and emitting 450 kg of CO2 per MWh of electrical output. Now today we are doing 55% thermal efficiency with 60% in sight in the most modern CCGT. The old CCGT are now closing down along with the old coal stations. In fact, the old coal stations which were the backbone of our power station fleet back then were doing just 35% thermal efficiency and emitting 1000kg of CO2 per MWh of output.
The best CCGT now does 325kg of CO2 per MWh of output. That massive progress in 20 years with emissions of CO2 dropping by 2/3 against what we had back in 1993 with the best available most economically viable technology of today and with not a single £1 of Government subsidy making that happen.
Nobody mandated we should build CCGT, its just advances in technology made them worth investing in. It was a proven technology, it just needed a profit incentive to make it better. That's what we should rely on - economic progress to deal with climate change if it is ever proven to be happening. Not Government mandated investment in tackling an unproven theory.