Oil: Changes in Global Markets Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Baroness Bowles of Berkhamsted
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Oil: Changes in Global Markets
Baroness Bowles of Berkhamsted Excerpts(3 years, 11 months ago)
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Lord Callanan
The noble Lord is right. Companies across all sectors will be vital in our work to meet our 2050 net-zero targets. We want all business leaders in all sectors to make ambitious emissions reduction plans to help meet the commitments that we have set out under the Paris agreement.
Baroness Bowles of Berkhamsted (LD)
Given oil-related job losses and the likely continuing reduced oil demand, will the Government promote faster repurposing of UK oil-related industries, especially in the light of the EU revisiting the idea of building champion industries through joint state aid?
Lord Callanan
We want to encourage those industries to diversify as quickly as possible. Many are doing so and have already announced plans, but, ultimately, of course, this will be market led with government incentives being provided; we are doing that.