Rio+20 Summit

Lord Hain Excerpts

Tuesday 26th June 2012 Commons Chamber

[The Deputy Prime Minister]

No one is in any doubt that one of the greatest boosts to prosperity across the world would be a successful completion of the very, very, very, very long-awaited Doha development round. It is immensely frustrating that getting agreement on it has proved so elusive. Many have written it off altogether, and it is difficult not to be pessimistic about it, but that does not mean that we should not continue to pursue the cause of multilateral trade liberalisation.

[Mr Peter Hain (Neath) (Lab)]

Given the frustratingly disappointing outcome of Rio and the crisis of investor confidence in solar PV, onshore wind and nuclear in Britain, is it not even more important that the Deputy Prime Minister joins the growing cross-party support for the Severn barrage, which would generate 5% of the electricity in Britain and create nearly 40,000 jobs—a green project that will deliver the Government’s renewable energy commitments?

[The Deputy Prime Minister]

I pay tribute to the fervour with which the right hon. Gentleman is throwing himself into this new cause in a political career of many great causes. I agree with the underlying assertion that for investors to make investments in major energy infrastructure of whatever kind, they need long-term stability and long-term certainty about the direction of Government policy. That is precisely what the electricity market reform aims to provide.