Oil and Gas: UK Continental Shelf Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Baroness Jones of Moulsecoomb
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Oil and Gas: UK Continental Shelf
Baroness Jones of Moulsecoomb Excerpts(6 years, 6 months ago)
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Lord Henley
The noble Lord is correct: we should do that. As his noble friend said, we should also continue with explorations. There is much that we can do, that the Government are doing and that the industry is doing.
Baroness Jones of Moulsecoomb (GP)
My Lords, is the Minister aware of the carbon bubble—the possibility that the bottom could fall out of the market in oil and gas and general fossil fuel investment? Will the Government therefore give some advice on these risks to anyone who would like to look further at oil and gas? I raised this with the Bank of England a few years ago and it has since said some quite enlightened things.
Lord Henley
The noble Baroness makes a point but it is important that we continue to look at all available resources. The noble Baroness knows we are moving towards a low-carbon economy but we also want a balanced energy mix. It is important that we make use in the medium—and possibly long—term of the fossil fuels that we have.