Oral Answers to Questions
Debate between Lord Sharma and Andrew Gwynne(2 years, 9 months ago)
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Alok Sharma
My hon. Friend raises an important point. One of the reasons the UK has reduced its dependency on gas is precisely that we pushed out in terms of renewables. We have the second-biggest offshore wind sector in the world and we want to quadruple it. What I want, as part of the solution to tackling climate change, is a clean energy transition across the world.
Andrew Gwynne (Denton and Reddish) (Lab)
One of the set-backs at COP26 was the failure to reassemble the coalition we managed to put together in Paris in 2015, which met the high ambition to bring both developed and developing countries together to put pressure on the big emitters to pull weight. In the transition to a new presidency, what is the current President doing to try to rebuild that coalition ahead of Egypt taking on the role?
Alok Sharma
I just gently point out to the hon. Gentleman that the Glasgow climate pact was delivered as a result of consensus brokered by the UK across almost 200 countries. What we now need to ensure is that we get countries to deliver on the commitments they made. That is what I am focused on during the rest of my time as COP President.
Oral Answers to Questions
Debate between Lord Sharma and Andrew Gwynne(3 years, 6 months ago)
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Alok Sharma
Matters related to what G7 leaders are discussing will of course come forward in the communiqué at the end of that process, and that is up to the Prime Minister and his fellow leaders. What I can tell the hon. Member is that we had a successful Climate and Environment Ministers meeting of the G7, which I co-chaired together with the Secretary of State for Environment, Food and Rural Affairs. In that meeting, we made commitments on overwhelmingly decarbonising power systems in the 2030s in the G7 countries, but also commitments on phasing out fossil fuel support overseas.
Andrew Gwynne (Denton and Reddish) (Lab)
Matt Western (Warwick and Leamington) (Lab)
The COP26 President (Alok Sharma)
The Prime Minister’s 10-point plan sets out our blueprint for a green industrial revolution. The plan invests in green technologies and industries. It leverages billions of pounds of private sector investment to create and support up to 250,000 highly skilled green jobs and level up across the UK.
Andrew Gwynne
And that is very welcome, but building back better after covid cannot just apply to us here in the United Kingdom; there absolutely has to be a global approach. So is the President frustrated that the big emitters such as Australia, Japan, South Korea and Russia have only resubmitted their previous climate pledges, and worse, that Brazil has backtracked on its climate pledge? What is he doing to convince them that meeting their fair share is important so that we can achieve the 45% reduction in emissions to keep our climate change within 1.5° C?
Oral Answers to Questions
Debate between Lord Sharma and Andrew Gwynne(3 years, 8 months ago)
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Andrew Gwynne (Denton and Reddish) (Lab)
The COP26 President (Alok Sharma)
The Prime Minister’s 10-point plan sets out our blueprint for a green industrial revolution—a plan to invest in green technologies and industries, leveraging in billions of pounds of private sector investment, supporting up to a quarter of a million green jobs and levelling up across the UK. It is a clear plan to build back greener from the covid pandemic.
Alok Sharma
The UK has decarbonised its economy faster than any other G20 nation since 2000. We have met carbon budgets CB1 and CB2, we are on track to meet CB3, and of course we are pursuing plans to ensure that we meet CB4 and CB5. Ahead of COP26, we will publish a comprehensive net zero strategy.
Andrew Gwynne [V]
The COP President has talked confidently about British leadership, but the Prime Minister’s 10-point plan is full of big words and no real detail. The total impact, by the Government’s own admission, is that they will not meet the fourth and fifth carbon budgets. When we pull back the curtain, there is not much to look at, and we are running out of time. He has just said, in answer to my hon. Friend the Member for Putney (Fleur Anderson), that there will be a net zero strategy. We need it before the summer recess to make the Government’s word credible ahead of COP26. Does he agree with that, and if so, what is he doing about it?
Alok Sharma
As someone who was partly responsible for preparing the 10-point plan, may I suggest that the hon. Gentleman actually reads the detail of it? I have discussed the sector-specific points in it with individuals in different sectors of industry, who have found it quite compelling. Of course I agree that we need to be doing more, and that is why I have committed to publishing the comprehensive net zero strategy ahead of COP26.
Oral Answers to Questions
Debate between Lord Sharma and Andrew Gwynne(4 years, 7 months ago)
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Andrew Gwynne (Denton and Reddish) (Lab)
The Secretary of State for Business, Energy and Industrial Strategy (Alok Sharma)
As of 1 May, over £4.7 billion-worth of loans have been issued under the coronavirus business interruption loan scheme to 29,496 businesses. From today, businesses will be able to access our new bounce-back loans of up to £50,000 by filling in a simple, quick application. Those will be backed by a 100% Government guarantee.
Alok Sharma
My hon. Friend raises an important point. As I said in answer to an earlier question, I have been talking to the largest lenders. I spoke to them particularly over the bank holiday weekend, to ensure that they were putting in place sufficient measures and more people to process loan requests quickly. I believe that they have recognised the challenge and are stepping up to it. He will know that we have made changes to the CBIL scheme to make it more accessible, extending it to all viable small businesses, removing the forward viability test, encouraging automated credit checks and, of course, banning all personal guarantees for loans under £250,000.
Andrew Gwynne [V]
I welcome what the Secretary of State just said, but in my area, businesses are still reporting complications with the scheme, which is hampering their speed and eligibility to access the loans. No cap has been placed on the interest rates that can be charged, and some banks in Greater Manchester are offering interest rates of up to 20%. There are also difficulties in getting through to banks to apply. Can the Secretary of State tell me what he is doing to sort this urgently, so that small businesses can access this vital support?
Alok Sharma
We are all aligned in our wish to make sure that these loans are getting out to businesses, and I believe that is starting to happen. On interest rates, of course, I have had those discussions on a very granular basis with banks, and they have recognised, on the CBIL scheme, where we are providing an 80% guarantee, that there is a requirement to reflect that in the interest rate. Furthermore, as the hon. Gentleman will know, the interest rate on the bounce-back loans, which have just been announced, is set at 2.5%, and of course the Government have taken care of the first year of interest.