Fossil Fuels: Business Debate
Full Debate: Read Full DebateLord Bishop of Salisbury
Main Page: Lord Bishop of Salisbury (Bishops - Bishops)Department Debates - View all Lord Bishop of Salisbury's debates with the Department for Business, Energy and Industrial Strategy
(4 years ago)
Lords ChamberTo ask Her Majesty’s Government, further to the report by the Transition Pathway Initiative Management Quality and Carbon Performance of Energy Companies: September 2020, published on 7 October, what steps they plan to take to encourage fossil fuel intensive businesses to accelerate their move to net zero carbon emissions.
My Lords, the Government have schemes worth nearly £2 billion operating or in development to support our vital energy-intensive industries to decarbonise. These schemes include the industrial energy transformation fund to help companies to reduce their fuel bills and transition to low-carbon technologies, and the industrial decarbonisation challenge to support industry with the development of low-carbon technologies in industrial clusters.
I thank the Minister for his Answer. There have been some welcome and notable commitments, particularly by European oil and gas companies, but overall, the sector is not moving fast enough to align with the Paris agreement. How does the Minister see the Government supporting companies to move faster and have consistent standards for reporting all emissions from scopes 1, 2 and 3 so companies demonstrate alignment clearly in their reporting? I commend to the Minister the work of the Institutional Investors Group on Climate Change working with TPI to establish a net-zero standard. It would be marvellous if the Government supported these endeavours in the context of their presidency of COP.
First, we welcome commitments from any company setting out its net-zero plans. We note the important and notable commitments from the oil and gas sector from the likes of Shell and BP. I endorse the right reverend Prelate’s comments about COP and the other matter he mentioned.