Oil and Gas Industry

Lord Goddard of Stockport Excerpts

Tuesday 22nd September 2020 Lords Chamber

[Lord Callanan (Con) [V]]

As we have said, oil and gas have a key role to play in the transition and that is reflected by the independent Committee on Climate Change. Many of these things are, of course, a matter for the market. We have historically low oil prices at the moment, and the Government are well aware of it. We need to transition away from fossil fuel. BP, which the noble Lord mentioned, is doing a tremendous job in supporting, for example, the Net Zero Teesside scheme.

[Lord Goddard of Stockport (LD) [V]]

Will Her Majesty’s Government support carbon capture and storage technology on a regional basis across the UK, including the north-west, to meet our net-zero commitment while securing the future energy needs of our manufacturing plants, without which we will come to rely even more on imports from other countries? Without such a commitment, we will undermine our contribution to tackling climate change while putting in doubt thousands of jobs in this sector at the worst possible time.

[Lord Callanan (Con) [V]]

The noble Lord is right. Carbon capture and storage will be a key part of our future energy requirements. The Chancellor announced the new carbon capture and storage infrastructure fund of at least £800 million. We are committed to deploying carbon capture and storage in at least two industrial clusters over the next decade.