Oral Answers to Questions
Euan Stainbank Excerpts(1 day, 9 hours ago)
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Lorraine Beavers (Blackpool North and Fleetwood) (Lab)
Euan Stainbank (Falkirk) (Lab)
The Minister of State, Department for Energy Security and Net Zero (Sarah Jones)
The national wealth fund is delivering a key manifesto commitment to set up a Government-backed investor—in some ways like the sovereign wealth funds we see in other countries—that will support the UK’s industrial strategy and economic growth. It will play a central role in our clean power mission by creating jobs in rapidly growing green industries. My role sits across the Department for Business and Trade, where I work on industrial strategy, and this Department, where I work on industrial decarbonisation, so I have a unique vantage point to see the benefits of the national wealth fund and all the opportunities it will bring.
Sarah Jones
I would love to hear more, as I am sure would the Minister for Energy, my hon. Friend the Member for Rutherglen (Michael Shanks). We are committed to all forms of renewable energy if they are economical, which is why we ringfenced tidal in the latest contracts for difference auction, which resulted in six tidal projects being successful, securing up to 28 MW. We continue to look at what more we can do to support this more nascent technology, including the role that GB Energy can play in the future.
Euan Stainbank
The Government’s quick action when they took office to commission Project Willow is welcome, but confirmation of the decision by Petroineos to close the Grangemouth refinery next year has caused further concern and uncertainty throughout the workforce in the central belt. With the sustainable aviation fuel mandate starting in 2025 requiring 10% of jet fuel to be SAF by 2030, what consideration has the Minister given to using the role of the national wealth fund to support the rapid conversion of Grangemouth into a sustainable aviation fuel facility?
Sarah Jones
I appreciate the uncertainty faced by people in my hon. Friend’s constituency. We have Project Willow and the plan for the site’s future. A joint committee, which I co-chair, has just been set up with the Department for Transport looking at sustainable aviation fuel and other options to fund and support that, to ensure that we have that emerging industry.
Oral Answers to Questions
Euan Stainbank Excerpts(2 months, 1 week ago)
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Ed Miliband
The hon. Lady raises the important issue that, as a country, we are massively underpowered on community energy. As part of the GB Energy local power plan we will be trying to change that, learning from countries such as Germany and Denmark, which do much better than us. We will certainly look at the issues she raises.
Euan Stainbank (Falkirk) (Lab)
The clean power by 2030 mission shows the clear intention of this Government to get on with the just transition. Energy workers in Falkirk, Grangemouth and across the central belt are rightly concerned about jobs. Between 2013 and 2023, under the previous Government, jobs in the UK oil and gas sector halved. Unfortunately, some of the Opposition parties have opposed the stream of funding for clean infrastructure and jobs of the future that will come from an increase in the energy profits levy on the record profits of oil and gas giants. Does the Secretary of State agree that it is time Opposition parties started putting their own plans forward on how they would get on with the just transition and deliver clean energy jobs at a critical time for workers and the climate?
Ed Miliband
My hon. Friend raises the important issue that what will define the future for North sea workers is whether there is a plan for future jobs in offshore wind, carbon capture and hydrogen. There was no plan from the previous Government; this Government are absolutely determined to ensure a just transition for those workers, using the power of Government and a proper industrial policy to make it happen.