Environmental Audit Committee

Geraint Davies Excerpts

Thursday 7th June 2018 Commons Chamber

[Mary Creagh]

I certainly hope that will be the case but, as we mentioned in the report, the Bloomberg figures show there has been a huge collapse in green investment in the UK—it has gone down from about £26 billion to £10 billion. We questioned the Minister on whether things are cheaper, whether there is policy uncertainty and whether there is Brexit uncertainty. I am pleased the Green Investment Group is promising to do that, and we look forward to seeing some of this project pipeline coming through, because we need £22 billion a year. This year we are on £10 billion, so we need to get that ramped up very quickly. I look forward to hearing more about how she will make that happen from a policy point of view.

[Geraint Davies (Swansea West) (Lab/Co-op)]

I very much welcome the report, in which I played a small part. My hon. Friend will know that, globally, the fossil fuel subsidy is some £5.3 trillion, the size of the French and UK economies combined, yet 80% of fossil fuels cannot be exploited if we are to avoid irreversible climate change and to fulfil our Paris agreement. Uranium supplies will run out in 10 years once we start using nuclear to meet 12.5% of global energy needs.

Does my hon. Friend agree that the Government should take market leadership on investing in projects such as the Swansea Bay tidal lagoon and the wider lagoon network, which will provide 100 years of long-term sustainable and predictable energy, and that value for money should be seen in the round, alongside the climate risks identified in the report?

[Mary Creagh]

I pay tribute to my hon. Friend’s work and leadership on our Committee. He is right to say that we need a stable policy environment in order to create a pipeline of low-carbon projects. The Committee found that the policy environment has been a bit destabilised by changes to feed-in tariffs and the early closure of some competitions, and things like that.

My hon. Friend is also right to say that low-carbon electricity, particularly new forms of generation, often has high up-front costs but very low operating costs. Obviously once we get it up and running, it will be up and running for the next 50 to 100 years. We need to hear from the Government, sooner rather than later, on what their green growth plan will mean and on the policy environment they will create to enable some of these innovative projects to be brought forward.

In the report, for example, we criticised the cancellation of the carbon capture and storage competition. Carbon capture and storage is tricky, risky and innovative, and companies had invested up to £60 million in research and development on those projects only for the competition to be closed with no notice. We do not want to see the same thing happen to the Swansea Bay tidal lagoon.

Bill Presented

Violent Crime (Sentences) Bill

Presentation and First Reading (Standing Order No. 57)

Keith Vaz presented a Bill to increase the minimum custodial sentence on conviction for possession of a knife or other offensive weapon for an offender aged 18 years or over and to increase the minimum period of detention and training order for a person aged 16 or 17; to set a minimum custodial sentence on conviction for an offender in possession of a knife or other weapon and intending to commit any offence or having such a weapon available to use in committing murder; and for connected purposes.

Bill read the First time; to be read a Second time on Friday 26 October, and to be printed (Bill 222).