Oral Answers to Questions

Debate between Kieran Mullan and Graham Stuart

Tuesday 4th July 2023 Commons Chamber

[Dr Kieran Mullan (Crewe and Nantwich) (Con)]

17. What steps he is taking to encourage private sector investment in clean energy technologies.

[The Minister for Energy Security and Net Zero (Graham Stuart)]

Our “Powering up Britain” plan seizes opportunities from the transition to a decarbonised energy system. Our policies, backed by billions of pounds of Government funding—but more importantly, leveraging in about £100 billion of private investment—will support up to 480,000 jobs in 2030.

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[Dr Mullan]

What assessment has the Minister made of the role of a tariff support mechanism to encourage short-term private sector investment in deep geothermal to support levelling up?

[Graham Stuart]

There is no greater champion than—or anyone in this House with half the knowledge of this, as far as I can tell—my hon. Friend in supporting the potential of deep geothermal. When the Prime Minister responded to his report, I know he thanked my hon. Friend for all the work that went into it. I can confirm that geothermal technologies that generate electricity are eligible for the contracts for difference scheme. We are also supporting and encouraging the development of geothermal heating projects through the green heat network fund, which supports the development of low-carbon heat networks. Under the leadership of my hon. Friend, I am confident that geothermal has a positive future.