COP 29

Lord Mott Excerpts

Thursday 28th November 2024 Lords Chamber

[Lord Hunt of Kings Heath (Lab)]

My Lords, I am very grateful to my noble friend. I understand that six more countries signed the nuclear agreement declaration at COP. These are the countries that have pledged to triple nuclear energy by 2050. It is quite clear that there is a global renaissance occurring in nuclear energy. I have attended a number of international conferences where there is a lot of interest in countries like ourselves, who have turned back to nuclear, in countries that have not had nuclear power stations. This has great potential for the UK. We have great potential for exporting technology and expertise and, in relation to what my noble friend said, efficient systems of regulation. I assure him that we are encouraging business and agencies here to do all that they can in an international setting. I have met a number of Ministers from countries who are going back to or starting nuclear on that. In relation to non-proliferation, the work of the IAEA is critical. I assure him that the United Kingdom plays a very strong role in it and contributes to it extensively.

[Lord Mott (Con)]

My Lords, I refer the House to my entry in the register of Members’ interests. I welcome the Statement today, but can the Minister reflect on the recent COP and those over the last few years and whether the format of discussion, debate and agreement is best achieved through the format of COP or whether there is a better way to move this forward on a more regular basis, perhaps holding to account some of the countries in the world on a more regular basis?

[Lord Hunt of Kings Heath (Lab)]

My Lords, it is clearly an interesting question. The noble Lord will have seen that some of the country participants in Baku were very unhappy with parts of the process. Some felt excluded from some of the key corridor discussions, if I can put it that way. The problem is that it is the only forum that we have for discussing and negotiating these important matters. Whatever fora you have, if you have over 190 countries involved, it is going to be very complex. Notwithstanding that I understand the frustrations of many countries and the difficulties, the fact that agreement was reached and we can now see clear a line to Brazil next year means that we need to continue to work with the process and encourage it to be run as effectively as possible. I do not see any option but to go with the COP process.

Net Zero (Economic Affairs Committee Report)

Lord Mott Excerpts

Monday 16th October 2023 Lords Chamber

[Viscount Chandos (Lab)]

My Lords, the noble Baroness, Lady Kramer, has made a masterly introduction to this debate on the Economic Affairs Committee’s report Investing in Energy: Price, Security, and the Transition to Net Zero, a profoundly complex and challenging subject. I was proud to be a member of the committee at the time of the inquiry and, like the noble Baroness, I pay tribute to the noble Lord, Lord Bridges, for his excellent chairmanship and the work of other committee members and the staff.

A week is a long time in politics, so the 65 weeks that have elapsed since the publication of this report is an age. Unlike the noble Lord, Lord Frost, I believe that its analysis and conclusions stand up well to the changes during this time, although three different Prime Ministers and, in particular, breathtaking U-turns by the current incumbent of 10 Downing Street—in residence but not in power—have continued to move the goalposts hugely on government policy. I should draw the attention of the House to my interests as disclosed in the register and in the report: as a trustee of the Esmée Fairbairn Foundation—a major funder of environmental causes in the UK as well as, through its endowment, an investor in sustainable energy funds—and as a personal shareholder in Greencoat UK Wind.

Within the committee, we debated whether the challenge of balancing the issues of cost, security and achieving net zero could helpfully be described as a trilemma. I argue that it is even worse, not least in mangling the English language: it is a quadrilemma, as security must not involve unacceptable conflicts with, or compromises of, our foreign policy. For that reason, in the short to medium term the committee concluded, based on evidence we received from witnesses across the range of interested parties, that there needs to be further selective investment in fossil fuel production to meet the country’s need for energy security, consistent with other foreign policy objectives. But my personal view, at least partly shared by the committee, I think, is that to help meet the net-zero target, which is not an essay crisis with a last-minute deadline but a continuous path of action and emissions reductions over the next 27 years, the Government may need not just to prioritise the approval of short lead-time projects but to find ways to underwrite shorter periods for exploration of new fields. Stranded reserves may need to remain stranded.

In my remaining time, I will touch on two big themes: technology and money. The astonishing creativity of scientists and the technology sector as a whole must not be an excuse for inaction now. Technology in a wide range of areas, such as hydrogen, network transmission, carbon capture and, most significantly, nuclear, lies at the heart of the progressive improvements and reductions in emissions that are essential to achieve the underlying objectives of net zero: keeping global warming to no more than 1.5 degrees centigrade, and, importantly, a 45% reduction in emissions by 2030—seven years’ time.

Investment, both pure science and commercial, is highly important. However, a realistic assessment of how quickly technology can deliver results must be factored into the policies the Government adopt. Investors in hydrogen projects see no prospect of it being a valid means of storage in this decade. The Government have placed great weight on small modular reactors riding like the cavalry to the rescue, but the technology is still unproven. The first licence in the US was granted at the beginning of this year after the expenditure by the company concerned of half a billion dollars over 10 years.

Finally, on money and timescale, if a week is a long time in politics, then an hour is a long time for hedge fund traders. That seems to be the only explanation for the Prime Minister’s claim that recent decisions were essentially long-term ones. Net zero cannot be achieved without the expenditure of money. Just kicking the can down the road beyond the next election, perhaps betraying a lack of confidence from the Prime Minister that it will be his problem, is not acceptable. A Labour Government will make that investment within the constraints—

[Lord Mott (Con)]

My Lords, can we keep all our speeches to five minutes, please? Could the noble Viscount now wrap up his comments?

[Viscount Chandos (Lab)]

A Labour Government will make the investment that this Government have failed to.