Graham Stuart
MP for Beverley and Holderness · Conservative · United Kingdom
“I hope and expect that we can move forward in the right way and get the balance right between being overly prescriptive to the banking industry and setting a clear sense of direction to make sure that no one is left behind, as so many Members have set out.”
“It is a pleasure to serve under your chairmanship, Mr Wishart. I congratulate the hon. Member for South Devon (Caroline Voaden) on securing this debate.”
“Is my hon. Friend as astonished as I am that the Minister—I know she is new to her post—has come here to propose a six-month extension of the movement of costs from bills to the Exchequer and cannot tell the Committee how much money that will cost?”
“The Minister is being most generous again. I did not ask her about protecting consumers from energy price shocks; I asked about a clear, unequivocal manifesto pledge to reduce household energy bills by £300. She, like her predecessors, refuses to address it directly. It was a clear promise.”
“Banking hubs themselves came out of an industry response from the NatWest executive. Does the Minister agree that we must present the information from the Lloyd review to the banking groups, be clear about what we want, and give them the opportunity to respond and provide a solution, as they did with banking hubs, so that we can perhaps a…”
“I am pleased to say that Lloyds listened and, as of this morning, people can deposit cheques at those places. These issues being raised by Members across the House today are important. I trust that given the timing of the Richard Lloyd report, the Minister in her seat will make sure that they are be resolved to everyone’s satisfaction.”
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“In July, the UK Government and the devolved Governments, as the joint UK ETS Authority, set out a comprehensive package of reforms to the scheme. It increased the ambition of the UK ETS and set it on a path to net zero. As that package set out, a wide range of changes is required to ensure that the UK ETS remains a key part of the UK’s approach to achieving net zero. We can be proud of our record to date: cutting more emissions than any other major economy on Earth and having the most ambitious nationally determined contribution up to 2030—a 68% reduction on 1990 levels —of any major economy on the planet, far ahead of the EU at 55%, as you will have noted, Sir Gary. With that, I have probably said enough. I commend the order to the Committee.”
“Yes. The SI sets a cap on emissions in the sectors covered—currently a quarter of the UK’s emissions. In doing that, it guarantees that those sectors will reduce their emissions in line with our world-leading net zero target, Only yesterday, I was in The Hague, not, as some members of the Committee might have thought or hoped, answering for my crimes, but meeting Energy Ministers from the North Seas Energy Cooperation and Kadri Simson, the European Commissioner for Energy. I called for the full implementation of the energy chapter of the TCA and urged the EU to put the same energy into it as we are determined to show. We want the chapter to be fully implemented because, as the hon. Member for Southampton, Test said, we signed up to it in all solemnity.”
“However, we need everyone with us on this journey. The opportunities are huge: in 2023, we will see a record $1.8 trillion invested in clean energy alone. According to the International Energy Agency, electric vehicles are on track to account for two thirds of new car sales globally by 2030; the transition to clean energy and electric vehicles is taking off, and it will spread to other sectors quickly. At COP28, we need to show progress on delivering the historic agreement we landed in Glasgow. We must use UK expertise to scale green finance, support others to accelerate the transition in key sectors of the global economy, and set a clear pathway to 1.5°. At this point, I am happy to hear from other Members.”
“Net zero is already an engine for growth and revitalisation of formerly deindustrialised areas in the UK. We are a leader across a number of areas: we have the world’s five largest offshore wind farm projects and the world’s No. 1 ranked green finance centre, and we are leading the way in developing an approach to carbon capture and storage, to name a few examples. Action on climate and nature is also crucial for our energy security and to reduce exposure to future global shocks, such as those caused by Russia’s invasion of Ukraine. The North sea’s transition to a clean energy powerhouse with 50GW of offshore wind by 2030 will reduce exposure to volatile international energy markets and be an engine for clean energy exports. Action on adaptation and nature is crucial in a world where food security is increasingly under threat.”
“The fifth area is that we want real progress towards protecting, restoring and sustainably managing nature—for example, by making concrete progress on the historic agreement we landed to halt and reverse deforestation by 2030. Action to deliver net zero is not just a matter of doing the right thing, or of avoiding harm: it is crucial to our security and prosperity here in the UK, both now and in the future. The global net zero transition could be worth £1 trillion to UK businesses between 2021 and 2030. UK businesses are in the vanguard of recognising the opportunity that springs from net zero: over two thirds of FTSE 100 companies and thousands of small businesses have pledged to reduce their emissions in line with the 1.5° target under the Race To Zero campaign. Over half of the signatories to that campaign are from the UK.”
“The fourth area is improving adaptation to climate change, delivering on our Glasgow commitment to double adaptation finance by 2025, and establishing an effective loss and damage fund to support countries that are particularly vulnerable to the adverse effects of climate change. We are pleased that the transitional committee that was set up to reach agreement on what that loss and damage fund should look like has put forward a recommendation to COP28. The UK was instrumental in securing that recommendation, and we hope it will be agreed by all parties at COP28. We will continue to advocate for the priorities of the most vulnerable: we held a third climate and development ministerial at the pre-COP event last month in Abu Dhabi, which I co-chaired, to do just that.”
“That sits alongside a clear commitment on phasing out unabated fossil fuels—our position on that issue is unchanged since the G7 commitment that the UK helped to deliver earlier this year—and to phase out coal power, building on COP26 outcomes. The third area is reform of the international financial institutions to unlock trillions for global challenges including development and climate action, and delivery of our existing commitments, alongside $100 billion per year in climate finance for developing economies. As I have mentioned previously, the OECD’s latest report on 2021 figures shows that developed countries are on track to meet that goal.”
“We also need a clear, forward-looking road map with a commitment to peak global emissions by 2025; global targets for key sectors, particularly those that are hard to decarbonise; and commitment to action, including through initiatives such as the breakthrough agenda and in other key areas such as forests, the phasing out of hydrofluorocarbons and clear guidance for the next round of NDCs, which will be a central feature of the Belém COP in the Amazon in two years’ time. The second area is clear progress towards a clean energy future, including a commitment to triple global renewable energy deployment and double energy efficiency by 2030.”
“The vital work done by the IPCC and other scientists makes clear that the risks and impacts we face will grow significantly as temperature increases, including the risk of breaching tipping points, which will accelerate that negative trend. At COP28, we want to see progress across five areas, the first of which is commitments to keep 1.5° alive. Coming out of the global stocktake, we need renewed consensus and increased ambition to keep 1.5° within reach.”
“I am pleased that today’s report from the OECD shows that we are ahead of the projections we set out in Glasgow. We delivered $89.6 billion in 2021, and the OECD has indicated that it is likely—not definite, but likely —that the $100 billion goal was in fact met in 2022. Delivery of that commitment is something that the UK has championed, and I am pleased to say that we recently made our biggest ever climate finance commitment through our $2 billion contribution to the green climate fund. There is also an urgent need to realign the financial system so that it is fit to address the challenges we face today, including climate and development. The science is unequivocally clear that urgent action is needed.”
“G20 relations are strained, as I witnessed at first hand when I went to the Climate Ministers G20 meeting in Chennai. Some countries are seeking to stoke divisions, to deflect from their own responsibility to take action. At the same time, record temperatures and widespread climate impacts are increasing the need to act on adaptation, loss and damage, as well as reduce emissions. We need broad-based progress across all pillars of the Paris agreement at COP28. Finance will be a critical part of the transition. Developed economies need to deliver on their promise to mobilise $100 billion in climate finance for developing countries. We all know that we were due to deliver this in 2020 and, collectively, we fell behind. In Glasgow, we set a course correction to meet the goal by 2023.”
“The latest United Nations framework convention on climate change nationally determined contributions synthesis report shows that emissions are set to be 2% below the 2019 level by 2030 if all the commitments made so far are met—2%, when the science says that we need a 43% reduction. The latest “State of Climate Action” report from the World Resources Institute carries a similarly stark message: we need to accelerate the transition rapidly. Only one of its 42 indicators for the progress needed by 2030 was on track. We also have to be up front about the fact that we face significant challenges coming into this COP: geopolitical tension, conflict and a challenging macroeconomic context in which Governments are battling inflation and debt.”
“As I said, we have to make sure that the other 99% of global emissions start to follow the same trajectory, so our offer and engagement will be all about encouraging the rest of the world to join the UK on a net zero pathway. Two years on from Glasgow, the need to accelerate action is more urgent than ever. The world needs to decarbonise more than five times faster than we did in the last two decades. The country in the world that has cut its emissions more than any major economy, namely the UK, has reduced them by 48% in 31 years, but according to the Intergovernmental Panel on Climate Change, the scientific body that advises us on this, the world needs to cut its emissions by 43% by 2030 from a 2019 baseline to keep net zero alive. That shows us the challenge. We need to be peaking globally by 2025.”
“I am aware of no country anywhere that has done more and gone further, faster, but leading in that way is not enough for us, as a country that produces less than 1% of global emissions, right though it is that we should do so. We also have to lead the global conversation, and that is exactly what we did at COP26. When we took on the presidency of COP26, 30% of global GDP was covered by net zero pledges. When we handed on to Egypt, it was over 90%, and I am proud to say that this country led that conversation. Not only are we leading, but the rest of the world is accepting the need to act, even if nationally determined contributions and national plans do not yet match what is needed to meet the net zero challenge, but I am pleased to say that ours do. We have ambitious targets, and we will deliver on them.”
“Not only have we decarbonised faster than any major economy on the planet to date, but we have the most ambitious plans and the most ambitious nationally determined contribution for 2030 of any major economy. Our commitment is to a 68% reduction by 2030. By comparison, the EU, which has been a genuine force for good in this space, has an NDC of 55% by 2030, although it hopes and expects to exceed that. How have we done that? Our inheritance was not a great one. As recently as 2012, nearly 40% of our electricity came from coal. Next year, thanks to the policies of this Government, it will be zero. We inherited in 2010 an electricity system in which, almost unbelievably, less than 7% of our generation came from renewables. In the first quarter of this year, it was nearly 48%. We have transformed our renewables base. We have eliminated coal.”
“A top priority for the UK is to leave COP28 with a clear road map to keep a ceiling of 1.5° in reach. The UK heads to COP28 with a record at home and internationally that is second to none. The Prime Minister recently reaffirmed our commitment to net zero and set out a new approach to get there. This will make it easier for businesses, supply chains and households to adapt to the new normal. We will build on our previous successes and continue to lead. I am not sure that we are always as good as we should be at sharing this story, of which the nation can be proud. At home, we have decarbonised more than any major economy on this planet, cutting our emissions by 48% since 1990.”
“Amid record temperatures and emissions, the first comprehensive stocktake of progress against the Paris agreement at COP28 will show that the world is badly off track. We have made significant progress through the Paris agreement, with temperature projections shifting from a 4° increase before Paris to an increase of between 2.4° and 2.7° after Glasgow, thanks to the nationally determined contributions that countries have said they will make. But we know that is not enough. In Glasgow, we cemented the goal of limiting global temperature increases to no more than 1.5° and made that our north star, and that has been carried forward by the UAE presidency. The latest science, and the impact that we see even at 1.1°, shows us why that is so important.”
“I beg to move, That this House has considered COP28. I am glad to come to the House today to discuss this important subject. We discussed COP28 at a recent reception hosted by the all-party parliamentary group for climate change last month, and also at a recent meeting of the Environmental Audit Committee. I welcome the interest of colleagues from across the Chamber. I note that the all-party parliamentary group on the environment has just released its report on the subject, including nine recommended priorities for COP28. That, too, is a welcome contribution to the debate. The upcoming conference of the parties, hosted by the United Arab Emirates, comes at a really important moment in tackling the climate crisis.”
“If the hon. Lady wants to have a history lesson—and we did, indeed, come in together—she will remember that it was David Cameron, as the leader of the Conservatives, who was the first leader of a major party in this country to call for a climate Act. I think the Liberal Democrats leader followed suit a few hours later, and the Labour Government then eventually did so. I served on the Joint Committee, chaired by the brilliant David Puttnam, that put this into place, so I will not take any lectures from her. It was the Conservatives who led the charge to get that going—the first major party to support it—and I was pleased to see it put on the statute book. We were of course the first major economy in the world, and the first Government, to legislate for net zero overall.”
“This is a really important topic, and it is important that we get our language right. The Government have not scaled back our net zero ambitions for either our NDC in 2030 or net zero by 2050. The hon. Lady can make lots of points, partisan or otherwise, but it would be great if she acknowledged that this country has, under this Conservative Government, cut emissions by more than any other major economy on earth and has the most ambitious plans for 2030.”
“At the CDM, we set out a “vision statement” expressing greater recognition of the need for national programme development to ease access to money as well as increasing the quantum. The hon. Lady is right: it is not enough to have this notional money if it does not actually flow to those who by definition, as she said, are the least able administratively to meet the requirements of some vast organisation. We need to make sure that the system fits the needs of those it serves, rather than the other way round.”
“The UK is also committed to maintaining a balance between mitigation and adaptation spending, and to providing at least £3 billion of UK climate finance for the purpose of protecting and restoring nature. We provide the majority of our climate finance in the form of much-needed grants rather than loans—which I think compares well with what is provided by some other donor countries—and we prioritise our contributions for the biggest challenges faced by the poorest and most vulnerable. Alongside Malawi and Vanuatu, I co-chaired the climate and development ministerial ahead of the Abu Dhabi pre-COP meetings. It focused on the issue of access, which was absolutely right. We hear again and again from countries such as Samoa, whose Minister has said that the access process takes too long.”
“It should also be noted that we are the only major economy to set a legally binding emissions reduction target, of 77%, for 2035 as part of carbon budget 6. We will see what happens at the 2025 COP in Brazil—10 years on from Paris—but the expectation is that new NDCs will come forward for 2035. Finance was touched on in the debate. We remain one of the largest and most active donors in international climate finance, and we are making record commitments. With the aim of helping the world to adapt to the inevitable climate change impacts that we can already see, at COP27 the Prime Minister made a commitment to triple UK adaptation finance from £500 million in 2019 to £1.5 billion in 2025.”
“The Climate Change Committee spoke of “no material difference” in progress on particular changes, but the focus on grid and other aspects of the Prime Minister’s speech are all about turbocharging our efforts to deliver not only the nationally determined contribution in 2030, but net zero by 2050. Methane was mentioned, and it is an important issue. The global methane pledge is a collective commitment intended to mobilise international action on methane. I am pleased to say that UK methane emissions between 1990 and 2021 dropped by 62%, one of the largest reductions in any OECD country, but I should also to highlight the fact that methane represents one of our biggest opportunities—the opportunity to ensure that that pledge is delivered not only domestically but internationally.”
“We are reassuring people in rural areas who were fearful that they could neither afford heat pumps nor be sure of their functionality, while increasing the subsidy for them by 50%, and working to build the system and drive the cost curve down, so that more and more homes can have them. That is right the way to ensure that we maintain public support for delivering net zero. The same applies to zero-emission vehicles. Manufacturers have a ZEV mandate—an obligation to “green” their fleet up to 2030. That builds on our successful record to date; we are ahead of the Climate Change Committee’s and our own projections. We are maintaining that ZEV mandate.”
“It would be good to have that as a baseline; there is plenty of room to pick up on issues and concerns about our performance while also acknowledging that the UK truly is a global leader. I am pleased to say we are not only leading domestically, but leading in the international space as well. A couple of Members mentioned the Climate Change Committee in the context of the Prime Minister’s speech in September. It is worth noting that the Climate Change Committee’s analysis shows that there is “no material difference” in our progress in cutting emissions since its last report in June. We are tacking, as I would put it. However, our destination remains exactly the same.”
“I congratulate all the Members who have spoken in the debate, which is an important one ahead of COP28. Further to the other interactions that I mentioned in my opening speech, we will be making a written ministerial statement on our priorities for COP before we go, and I will be responsible for the negotiations there. It has been a very interesting debate, but it is a shame that the hon. Member for Bristol East (Kerry McCarthy) struggled so much to acknowledge the position that we are in. I have never heard it come out of her mouth that this country has cut its emissions more than any other major economy on this earth, which it has, or that it has the most ambitious plans of any economy on this earth, which it has.”
“It is always difficult to keep our head around all these issues, as there is an alphabet soup of initiatives. I always want to check that they are not duplicative, but they are often complementary and working together.”
“Since 2011, The UK’s climate finance has supported more than 100 million people to cope with the effects of climate change, improved the climate resilience of more than 32 million people and reduced or avoided more than 86 million tonnes of greenhouse gas emissions. Nature has rightly been mentioned, and we want to see action and ambition from the presidency and all parties on transforming food systems and building policy, practice and investment for sustainable agriculture at scale. That includes endorsement of the leaders’ declaration on food, agriculture and climate action, supported by a further commitment to policy action, innovation and investment through the policy dialogue for sustainable agriculture and the agriculture breakthrough.”
“The hon. Lady is absolutely right. We need to make sure that technical assistance is there because, even as we try to get the green climate fund, the global environment facility, the World Bank and various others to improve their systems and ambitions to better meet the needs of the most vulnerable—shouting at both parties is like shoving a nine-pin plug and a three-pin plug together and wrapping them in gaffer tape—we also need to get a smoother system that helps them both to step up so that it genuinely flows, otherwise we will have endless frustration. Hearing Ministers from Vanuatu, Tuvalu, Samoa and elsewhere brings it alive, which is why these international meetings are useful. They remind us of the realities on the ground.”
“It is happening in other countries at the same time, as it needs to, so we have to make sure that our supply chains can meet that action. We can best do that through collaboration. It is not just about reaching agreement on things such as critical minerals; it takes many years to develop projects and bring them through to production, which creates even more urgency. To promote improved and responsible governance, we are also looking for a commitment to support the forest and climate leaders partnership at the world climate action summit at the beginning of COP. We also want to see partnership on water resources at all levels. Donor countries and the private sector need to be involved, too.”
“I thank my right hon. Friend for his question, which comes up frequently. When I was in Riyadh recently, I spoke about critical minerals with His Royal Highness, Prince Abdulaziz, the Energy Minister of Saudi Arabia, which is critical in this piece. Whereas my right hon. Friend the Member for Suffolk Coastal (Dr Coffey) went on to the mangroves, I went on to Indonesia by way of Vietnam, and these conversations came up all the time. My right hon. Friend the Member for Esher and Walton (Dominic Raab) is right that making sure we have resilient supply chains is fundamental to delivering this. We are doing more on supply chains, and we are doing it faster than ever before—even faster than the industrial revolution—and it is not only happening here.”
“The mangroves need to be prosperous while developing as a carbon sink.”
“It is only on that basis that we can even ask them to protect the nature that has been so denuded here. If we are to ask others to protect their nature for the general benefit, we need to make sure that it fits with development, as well as contributing to climate and nature. I thank my right hon. Friend for Suffolk Coastal for all she has done. Her enthusiasm for mangroves is clearly shared across the House. They are a bit of a miracle. Making a difference often costs a lot of money, so we have to try to align incentives as much as possible. We need projects in which very small amounts of funding can make all the difference, so that mangroves stop shrinking and start expanding, and so that people return from the city to work with their families around the mangroves as part of a prosperous community.”
“Friend the Member for Suffolk Coastal for her driven, heartfelt efforts to make sure that nature’s contribution to the climate is fully recognised. The reason for holding the climate and development ministerial is that climate and development are two sides of the same coin. If there could be a three-sided coin—I am stretching my metaphors—the third side would be nature, because climate, development and nature go together. We have talked about the importance of forests, and we have to make sure that the people who live in and around these carbon sinks—they are not just carbon sinks; they have many other qualities—have economic incentives that align with what we want. We have to make sure that they see development and opportunity for their families.”
“I enjoyed the hon. Lady’s speech. Unsurprisingly, when I was in the middle east recently, water was right at the top of the agenda, reflecting its importance. I attended the Net Zero Council meeting in Manchester last Thursday, and it was my pleasure on the following day to go to the Severn Trent water treatment works in Stoke. By the end of next year, it is expected to be the world’s first carbon-neutral water treatment works, for which I pay tribute to Severn Trent. Again, it shows the importance of water, which is so often forgotten. Water is one of the workstreams of the Net Zero Council, which was established this year to bring together the Government and business to develop road maps for each sector of our economy. I pay tribute to my right hon.”
“The hon. Lady is absolutely right. The Congo has extraordinarily large and important peatlands, which have the same basic dynamics. Everything is different, and every country is different, which is why we have to pull different things together, but the fundamental principle is that we have to create a system in which the local people—from the governor of the province down to the indigenous villagers—are better off by maintaining and keeping these peatlands. We are keen to make sure that the role of peatlands is understood because, again, they are a critical enabler. Lost peatlands cannot easily be replaced, and they are part of the negative tipping point we could reach if we do not take urgent action.”
“They have put optics ahead of doing the right thing, and it does not take a lot of reflection or analysis to come to the conclusion that we are doing the right thing. We must globally focus on the positive tipping points we need to accelerate the global low-carbon transition. I thank hon. Members from across the House for their contributions to this debate, and I hope that my team and I will be able to count on the support of everyone in the House, despite all of the global challenges we face, to make the upcoming COP the success that the world needs it to be. Question put and agreed to. Resolved, That this House has considered COP28.”
“There is a true transition to be made, and opposing new oil and gas licences in this country when we are a net importer of both, and when the emissions that will come from imports such as liquified natural gas would be higher, makes the Opposition parties friends of oil and gas workers, but just not those in this country. The approach of those parties will not make any difference to how much we consume, but it will make a difference to our emissions, and not in a good way, and it will lose the very engineering capability we need to deliver the transition, as well as a very material contribution to our ability to make that change, which is of course the £50 billion of taxes that we expect to get from the sector over the next five years. The Opposition parties are in entirely the wrong place.”
“We will also champion the need to phase out unabated fossil fuels and at the same time transition the North sea into a clean energy powerhouse here at home. Let me touch on that issue, as it was raised by others. We have new licences in the North sea for oil and gas because we continue to need oil and gas. We will need oil and gas in 2050 and beyond. Our production is falling, without new licences, at a rate of about 9%. With no new licences and no new investment, we will not see a greening of the basin. Worse, we will see the loss of the subsea and offshore engineering capability we need, as it will either leave this country or be made redundant, rather than being retained here. The hon. Member for Edinburgh North and Leith (Deidre Brock) raised the issue of a just transition.”
“We will use our strengths as a global green finance centre and role as a shareholder of key financial institutions to reorientate finance flows and tap the power of markets to make progress towards unlocking the trillions required. We will accelerate transitions globally through targeted collaboration with others, focusing on the most important, highest-emitting sectors, through initiatives such as the breakthrough agenda, so that we can reach positive tipping points and avoid negative ones, and so that clean tech is affordable and accessible across all sectors of the global economy. We will also continue to push to accelerate the global energy transition, for example, through our long-standing leadership on phasing out coal in the Powering Past Coal Alliance.”
“There is no point in having a global stocktake eight years after the Paris agreement if it does not lead to a ratcheting up of the nationally determined contributions to match the requirements that we find from the science. In particular, we need the major emitters to do that. Countries representing more than 90% of global GDP are covered, as I have said, by some form of net zero target. Those countries now need to align their near-term targets with the commitments that they have made. We will harness our global diplomatic network, international development offer and partnerships to drive forward action. We will also be taking action to realign financial flows in line with the Paris agreement and a nature-positive future.”
“The lesson we should draw here is clear: rapid, large-scale transformation is possible. The challenge is that we need to replicate this success across all sectors of the economy. There will be no single silver bullet to driving the transformational systemic change that we need on a global scale. We will deploy every important lever we have to accelerate action in this critical decade, building on the framework we put forward in the Glasgow pact and our 2030 strategic framework. That includes working through the United Nations framework convention on climate change, bilaterally and through other channels. Working with others who are like-minded, and others, we need to see countries upgrading their climate targets.”
“The first point to make is that though the gap looks unassailably large, we must not lose hope and fall into a council of doom. The reality is that efforts to date have succeeded in bending the emissions curve away from apocalyptic levels of warming of 3° or more. In some sectors, notably energy and electric cars, the transition is taking off. The IEA’s latest world energy outlook predicts a peak in fossil fuel use by 2025, due to what it describes as the “unstoppable” growth of low-carbon technologies. Solar and electric vehicles particularly stand out. Since only last year, the IEA has revised up its global solar 2050 capacity forecast by 69% and increased by 20% the number of electric vehicles it expects to be on the roads by 2030, such that it is expecting electric vehicles to comprise two thirds of new car sales by 2030.”
“Beyond what is directly within our grasp, the question before us is how we can help to create the will and the capability to move the remaining 99%, for which the major emitters, in particular, will be crucial. I would like to close by offering some reflections on the UK’s role in helping to drive forward international progress in this critical decade. For hon. Members who are interested, we have set out in greater detail the UK’s vision and role in driving forward international action on climate and nature to 2030 in our 2030 strategic framework, which is available online. It sets out six key global challenges, and how we will use our international partnerships, strengths in finance, expertise and domestic leadership, trade and investment, and world-leading strengths in science and innovation to drive forward progress.”
“I will not stumble into another Department’s area of responsibility. We work collectively across Government to share the burden of making sure we meet our net zero targets. In wrapping up the debate, I assure hon. and right hon. Members of the Government’s commitment to delivering on net zero at home and internationally. Although there is evidence that a peak in global emissions is within sight this decade, we need emissions to peak by 2025 and to reduce by 43% by 2030. The sobering reality is that, this year, global emissions are likely to reach a new peak, as Members across the House have said. Keeping 1.5° within reach requires nothing less than a paradigm shift. As I said in my opening remarks, the UK accounts for less than 1% of global emissions.”
“It is exactly that process—unchanged but better informed by behaviour in AR5—by which we will set AR6’s parameters, and I am confident that it will be successful.”
“That is not to say that I do not regret, and have not previously publicly regretted, the fact that in a highly turbulent geopolitical situation the window for offshore wind did not ultimately allow bids to come in from industry. However, that was one of the key reasons why we decided to move to an annualised system, so that we could quickly move forward. Of course, unlike a solar scheme, for example, these schemes are not things that are brought up quickly: they are developed over many years, with parameters informed by the behaviour of the industry. We always gather the data each year from the industry—companies sign non-disclosure agreements with us and we commission external research—but the most important of all the data we use is behaviour in auctions, because we need that real-world data to inform the parameters we set.”
“The hon. Member for Manchester, Withington (Jeff Smith)—he is not my favourite Unionist, but he is one of my favourite members of the shadow team—seems to have been deliberately innumerate. He will be aware that AR4 covered three years, and AR5 was the first annual auction. Like me, he will be able to divide by three the total generation that was in AR4, and to divine that in terms of annualised generation AR5 was the most successful round of the CfD that has ever existed. I would even gently chide my always loyal and fair colleague, my hon. Friend the Member for Waveney (Peter Aldous), for buying into the idea: at a time when other countries’ rounds have failed, we generated 3.7 GW. We supported geothermal and tidal and, I think, saw a near doubling of onshore wind.”
“That provides income stabilisation, making projects that have high up-front costs but long lifetimes and low running costs attractive to investors and lenders. Importantly, the CfD also protects consumers when electricity prices are high, as it did last year. Understandably, this Conservative Government are extremely proud of the CfD scheme and its effectiveness, in not only securing clean generation but doing so at the lowest possible price to consumers—that is what has triggered the 70% reduction in costs for offshore wind. As I say, industry has always suggested that it wants to be paid more, and we have heard from His Majesty’s Opposition that they would be delighted to do so at the expense of ordinary consumers. It was in the light of the challenge of setting the parameters of each CfD that we decided to move to an annual system.”