Oral Answers to Questions

Debate between Jo Gideon and Claire Coutinho

Tuesday 19th September 2023 Commons Chamber

[Claire Coutinho]

I am absolutely focused on getting investment into offshore wind. One of the first things I did after AR5 was speak to investors from across the board, to make sure I was listening to their concerns, and there are multiple things they care about. One is having certainty; there was lots of welcoming of the move to annual auctions. The other is connections to the grid. I will be looking at all those things and making sure we can get the investment the sector needs.

[Jo Gideon (Stoke-on-Trent Central) (Con)]

3. What assessment she has made of the potential impact of carbon capture, usage and storage technology on economic growth.

[The Secretary of State for Energy Security and Net Zero (Claire Coutinho)]

We have committed £20 billion to the early deployment of carbon, capture, utilisation and storage, which will deliver economic growth and decarbonisation of our industrial heartlands. Our analysis has shown that it could support up to 50,000 jobs in 2030 and add up to £5 billion to the economy by 2050.

[Jo Gideon]

I thank my right hon. Friend for her reply. Following the commitment in “Powering Up Britain” to provide up to £20 billion of funding for early deployment of CCUS, how does she intend to finance that support? Does she recognise that CCUS funding needs to be matched by creating a competitive environment for private sector investment, including a carbon border adjustment mechanism to smooth the path to deployment, as recommended by the Commission for Carbon Competitiveness, of which I am a member?

[Claire Coutinho]

I welcome my hon. Friend’s work as a member of the Commission for Carbon Competitiveness, and she makes an excellent point. The £20 billion will be funded through a variety of sources and will be allocated in due course, and early this year the Government consulted on a range on measures to support decarbonisation, including a carbon border adjustment mechanism. The Government will provide a response to that consultation in due course.