Energy: Prices and Supply

Baroness Blackstone Excerpts

Thursday 14th July 2022 Lords Chamber

[Lord Callanan (Con)]

Certainly, we are well on the way to that commitment, and this spending review period allocated about £6.6 billion towards those targets. For example, we have spent £471 million to date on the social housing decarbonisation fund and £350 million on the sustainable warmth programme, and we are going out to bids later this year for another £800 million of spending under the social housing decarbonisation fund, so we are making considerable progress.

[Baroness Blackstone (Ind Lab)]

My Lords, does the Minister agree that it would make more sense to incentivise investment in the skills and technologies of the future, rather than in oil and gas companies, which are soon to become technologies of the past? Is there not a danger that investment in oil and gas could lead to stranded assets and stranded jobs?

[Lord Callanan (Con)]

The noble Baroness is partly correct. Of course, we need to invest in the technologies of the future, which is why we are developing our green finance policies and a green taxonomy to help direct investment in those technologies. However, we will also need oil and gas as transition fuels, so it makes sense to continue to exploit our own resources.