(5 days, 23 hours ago)
Commons Chamber
Dr Jeevun Sandher (Loughborough) (Lab)
Clearly, this country faces an affordability crisis. People cannot afford their energy bills or their housing bills, and that means more than just not being able to pay the bills—it means that they are losing faith in us in this place, because democracy is no longer delivering for them. We Labour Members want cleaner and cheaper energy, to ensure that people can afford their bills and do have faith in us, but there is another reason. The decisions we make now in this place will live on for decades—for generation after generation. The carbon we emit between now and 2050 will live, not just with us, but with our great-grandchildren and their grandchildren. It is so important that we get this right at this moment.
The motion tabled by the Conservative party backs expanding North sea oil and gas. That would not make our energy cheaper, and perhaps more importantly, it would not make us more secure. The Conservatives talk about a cheap power plan. They were in power for 14 years. We had the most expensive energy bills in the G7, with the highest inflation, because they left us dependent on natural gas—and what do we see today? Exactly the same plan all over again. Natural gas is setting our energy price for 98% of the time. It drove 80% of the increase in the wholesale cost, with 50% of the wholesale cost driving the increase in energy prices. How on earth can the Opposition today want us to relive and repeat those mistakes over and over again?
Let us talk about North sea oil and gas in particular. Taking all of it out, as the Opposition are proposing, would leave five years-worth of supply—and then what will we do? What will we invest in then? We will be dependent on natural gas over and over again. That is exactly why we invest in the future. Moreover, the North sea gas bill is twice as expensive as those in the middle east, so it does not even make economic sense.
Harriet Cross
Projections show that if we fully utilised the oil and gas in the North sea we could cover half our energy needs up to 2050, so there is a lot more in there than five years-worth, but even if it were true that there was only five years-worth, why would we be increasing our imports to cover it? Why would we not be using what we have, given that we will be a net importer for years to come in any event? Why are we closing down the North sea if, as the hon. Gentleman suggests, it will all be gone in any case? It makes no sense.
Dr Sandher
The gasfields that the hon. Lady is talking about are geologically unstable, and it is not even clear whether we can get them out. Only 20% of the reserves of the gasfields that we knew of in 1997 are left—and when we get to 2050, what will we do then? That is precisely why this Government are investing in clean, home-grown energy that is cheaper and more secure for the future, and we know that is the case because the Conservatives used to believe it too. You used to believe in net zero. You used to believe in the Climate Change Act. Look at how much you have changed. It is a deep shame.