Energy Bill [HL]

Lord Young of Norwood Green Excerpts

Wednesday 4th November 2015 Lords Chamber

[Lord Howell of Guildford]

My Lords, I add a final word on carbon capture and storage before the amendment is withdrawn. My noble friend Lord Oxburgh has been second to none in bringing home the huge significance of commercial CCS: this would be the way in which the fossil fuels could continue to be burnt without CO₂ emissions. That would be a great reassurance. We can look forward to the affordability, reliability and decarbonisation of our energy system.

I hope I will not strike too sour a note in noting that we learned in earlier parts of the debate that the amount of taxpayers’ money being set aside by the Government for the promotion and experimentation and development of CCS was £1 billion—that is, £1,000 million. That is the most enormous sum of money. It is rather more than the entire budget of the Foreign and Commonwealth Office—and all directed, not to the generality of decarbonisation, but to one technology. It is a sobering thought, if my memory serves me right, that under the Labour Government before 2010 there was an intention to make that figure £3 billion or £4 billion. These are vast sums.

All I would add is the thought, as this Bill goes on its way, that we at least should remember not only the importance of the climate problem—the importance of achieving affordable and reliable energy and electricity resilience—but we should think about cost. We should always keep in mind that the costs are there and have got to be weighed all the time against the objectives we are trying to achieve. A billion pounds is a lot of money in anybody’s currency, in any language, and at any time—particularly at times when we are struggling in several other areas of public policy to find money desperately to help extremely worthy causes.

With that marker to this discussion of CCS, about which we have learned as much as we have given in the debates—it is a fascinating subject—I would just end by saying: please let us remember costs as well as benefits.

[Lord Young of Norwood Green (Lab)]

I hesitated whether to enter into this debate but, on the basis of the last remark, I think that I would like to. I am certainly not rising to my feet to oppose carbon capture and storage, only to make the comment that it has proved an elusive goal, despite significant amounts of time and effort spent on research and development. I make no more comment than that.