Earl Russell
Main Page: Earl Russell (Liberal Democrat - Excepted Hereditary)Department Debates - View all Earl Russell's debates with the Cabinet Office
(10 months, 3 weeks ago)
Lords ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
Earl Russell (LD)
My Lords, I also congratulate the noble Lord, Lord Rosenfield, on his maiden speech and the noble Lord, Lord Watson of Wyre Forest, on bringing this debate.
Our economy is largely stagnant, and productivity remains poor. This is harming living standards. The UK does not have a coherent industrial strategy. Lots of changes have caused uncertainty. We need a green industrial strategy to support the future green economy. Markets need certainty in political outlook and an industrial strategy to have confidence to invest, and we need huge levels of private investment.
On green issues, Rishi’s change of course has been hugely damaging to our place as a green world leader and to UK plc. Industry is now wondering if we are still a safe partner for large-scale green investments. Ministers tell me that this is the greenest Government ever. I recognise the scale of the ambition but, time and time again, their plans for implementation are not happening at speed and to scale.
The anti-green rhetoric grows ever louder as we approach the election—a convenient stick to beat the Labour Party with but not necessarily good for the UK. Labour responds by putting up its flagship £28 billion green pledge as a sacrificial lamb almost daily. We need to stop playing politics with the environment. The next industrial revolution, if there is to be one at all, must be green.
The UK is near the bottom of the table in the G7 for investment and the outlook is bleak. We are predicted to see a decline in investment from 2.6% of GDP in 2023-24 to a predicted 1.8% in 2028-29.
The EU, America and China have all made huge green investments. China developed more solar power last year than the rest of the world did in the whole of 2022. Instead of investing £78 billion in burning more fossil fuels, as we have been with the price cap and other measures over the last two years, we could have invested in renewables, creating long-term energy security and jobs. We must also invest in energy efficiency. Our interconnectors are out of date, we have a lack of storage and our homes are not fit for purpose in terms of energy.
The transition to a green economy is an opportunity to enhance productivity and create new growth, jobs and private investment. Jürgen Maier, the former UK head of Siemens, said yesterday that massive investment is needed to rebuild the UK economy and make it fit for the future, and that it should concentrate on low-carbon energy, transport, and industry. He said:
“These are the growth areas of the future”.