Net-zero Emissions Target: Fossil Fuel Extraction Projects

Lord Grantchester Excerpts

Wednesday 3rd November 2021 Lords Chamber

[Lord Callanan (Con)]

The noble Baroness makes an important point. We are indeed following the advice of the Climate Change Committee, which has accepted the need for oil and gas as we proceed to net zero. I remind the noble Baroness that we have the fastest decarbonisation rate of any G7 country. So we are proceeding on the path to decarbonisation, but is unrealistic to expect that we can just turn off the oil and gas supplies tomorrow.

[Lord Grantchester (Lab)]

The Energy Charter Treaty is allowing major fossil fuel investors to challenge the right of Governments to take the action required to reach net zero. During COP 26 this week, does the Minister consider that the UK should be leading the urgency to decarbonise the Energy Charter Treaty and remove the investor protections it provides in relation to fossil fuels?

[Lord Callanan (Con)]

The UK is indeed engaged in the process to modernise the Energy Charter Treaty to ensure that it is aligned with our climate objective and advances UK and global energy transition. So, through our COP 26 presidency we are working closely with global leaders to meet the goals of the Paris Agreement, including supporting the accelerated phase-out of coal and the wider decarbonisation of the energy sector.