Oral Answers to Questions

Debate between Angela Crawley and Graham Stuart

Wednesday 2nd November 2022 Commons Chamber

[Angela Crawley (Lanark and Hamilton East) (SNP)]

9. What recent discussions he has had with Cabinet members on the Net Zero Strategy and carbon budgets.

[The Minister for Climate (Graham Stuart)]

Delivering net zero is essential to tackling the global challenges facing countries around the world, including the impact of climate change, threats to energy security, the decline of nature and slowing economic growth. Ministers from the Department for Business, Energy and Industrial Strategy and from across Government Departments, such as those represented on the Front Bench, including the Department for Environment, Food and Rural Affairs and the Foreign, Commonwealth and Development Office, are committed to that agenda.

--- Later in debate ---

[Angela Crawley]

The Treasury has warned of a £50 billion financial black hole. This has been caused by crisis after crisis—the war in Ukraine, inflation, Brexit and the cost of living crisis—yet oil giants are still making record profits. BP intends to pay around £700 million in windfall taxes on its North sea operations, but more than three times that in the share buyback programme, which puts surplus cash into the hands of their shareholders, rather than renewable investment. Does the Minister think this is ethical, and does he agree that the UK Government should expand the windfall tax for fossil fuel extraction?

[Graham Stuart]

Of course, taxation is a matter for His Majesty’s Treasury. The point I would make to the hon. Lady is that a system that encourages those companies to reinvest in the North sea, and produce gas with much lower emissions attached than the liquid natural gas that we import from abroad, is good for Scottish jobs, is good for our energy security and, because of those lower emissions, is good for the environment.