Oral Answers to Questions

Debate between George Freeman and Peter Aldous

Tuesday 15th December 2015 Commons Chamber

[George Freeman]

I am sure that the hon. Gentleman will welcome the Prime Minister’s announcement of £400 million extra funding. The Green Investment Bank has played the role that we envisaged in supporting the green economy, which is not an allotment economy—it now constitutes 96,000 businesses with 230,000 employees and a turnover of £45 billion for the British economy and £4.8 billion of exports. By giving the Green Investment Bank the freedom to raise money on the capital markets, we will generate more money for the green economy, which is growing under this Government like never before.

[Peter Aldous (Waveney) (Con)]

The North sea oil and gas sector faces significant challenges at the current time, with a need for a collegiate approach to research and development to fuel innovation and to drive down costs. To achieve this, will the Minister consider setting up a North sea oil and gas innovation centre similar to the very successful offshore wind catapult?

[George Freeman]

My hon. Friend makes a very interesting point. On the east coast in East Anglia, in the north and in Scotland, this country is leading in the field of offshore energy. We have just funded the offshore energy centre, but I would be happy to look at the specific idea that he recommends.