UK Export Finance: Expenditure

Debate between Baroness Fairhead and Lord Krebs

Wednesday 27th March 2019 Lords Chamber

[Baroness Fairhead]

I can confirm that it is. I think the civil nuclear capability target is around 20%. There are major projects, but there are also opportunities in small modular nuclear reactors. On renewables, it is important that we are building up capability in a number of renewable sectors. The challenge for this country is that we have very few prime contractors in offshore wind, although we have many in the supply train. We are trying to make sure that the supply train goes through.

[Lord Krebs (CB)]

My Lords, the Minister referred to the latest IPCC report, published in October last year, which recommended that global carbon dioxide emissions should be reduced by 45% by 2030 and that by 2050 the world should be carbon neutral if we are to avoid dangerous climate change. Can the Minister reassure the House that the investments to which she referred in answer to the noble Baroness, Lady Sheehan, are consistent with the IPCC’s recommended targets?

[Baroness Fairhead]

I can confirm that we reply to demand from these sectors and that we focus on renewables. We have hired renewables experts. We are trying to move towards cleaner forms of fossil fuels, for example, in the $400 million project in Ghana to reduce the dependency on oil. That is a key part of achieving those objectives.