A fossil fuel price spike similar to the surge after Russia's invasion of Ukraine in 2022 could cost the UK economy about as much as the total annual investment needed to reach net zero targets, according to the Climate Change Committee.

"Achieving net zero was found to be a more cost-effective path for the UK economy than continued reliance on fossil fuels," said the CCC, an independent body tasked with advising the government.

Global energy markets have experienced renewed volatility as the war in the Middle East disrupted shipments through the strategic Strait of Hormuz.

While crude-producers' group OPEC took advantage of the 1973 oil shock to impose record prices, exporting countries today fear that fresh all-time peaks could form the strongest argument for a transition to green energy.

The CCC report showed that average household energy bills could rise by 59 percent during an event similar to the 2022 energy crisis if the UK remains heavily dependent on fossil fuels.

However, if continued progress is made in cutting emissions and expanding renewable energy, bills could increase significantly less, it added.

"As the world faces yet another fossil fuel crisis, it is clearer than ever that clean technologies offer a less costly, and more energy secure future," said Gareth Redmond-King, head of international programmes at the Energy and Climate Intelligence Unit, a non-profit research group.

Britain is one of the leading players in renewable energy in Europe owing to onshore and offshore wind power.

The country has set a target to consume zero carbon electricity by 2030 and is aiming to reach net zero greenhouse gas emissions by 2050 to combat climate change.