(10 years, 11 months ago)
Commons ChamberThe hon. Lady raises the issue of biomass. We are, indeed, trying to promote biomass in this country, but we have made sure that there is a cap on new dedicated biomass. We want to focus on coal stations that are converting to biomass, because that will mean a much better carbon gain. We have also published the strictest sustainability criteria for biomass in the world. We believe that biomass has a role to play in the transition to a green economy, but we realise that we need to take account of sustainability concerns as well.
This morning, a report was launched by the foundation industries, which are the core of our economy. Some of them, such as the steel, cement and glass industries, use enormous amounts of energy. They have made it clear that if they are to remain competitive, energy prices should not be out of kilter with those of their competitors. Will the Secretary of State work with his colleagues in the Department for Business, Innovation and Skills to ensure that these industries are attended to?
As the hon. Lady will know, my right hon. Friend the Chancellor keeps these issues under constant review. He has an extremely strong record of delivering fuel duty freezes and not proceeding with rises proposed by the previous Government. I am sure that he will consider her question and early representation for next year’s Budget.
If there has been market manipulation by big companies in the oil market, then as well as consumers suffering, small independent suppliers and retailers who were not part of the scam will also have suffered. Independents are important in rural areas, as they are often the only supplier. While the Secretary of State will not want to intervene directly with the regulatory bodies he mentioned, I hope he will give them the hurry-up, because we want to ensure that no more damage is done to independent suppliers in this country.
(14 years, 2 months ago)
Commons Chamber16. What progress has been made towards reinstating an operating and financial review to ensure that directors’ social and environmental duties have to be covered in company reporting; and if he will make a statement.
The Department is currently consulting on the future of narrative reporting which addresses the coalition commitment to reinstate an operating and financial review. The consultation closes on 19 October and we will then consider the responses and take a view on how to take this commitment forward by the end of the year.
I thank the Minister for that reply and his active interest in this matter. I believe that this coalition Government will be the greenest Government ever, but we need to promote sustainable investment. The OFR will have a key role to play in that, especially in ensuring that the same standards apply for independent verification and financial reporting. Can the Minister assure me that the Government will support that?
This Government will be the greenest Government ever, and when my hon. Friend reads the consultation document he will see that we have some very interesting ideas about how to improve the way in which companies report on social and environmental matters. I hope that we will be able to drive up the quality of reporting and disclosures by companies in that area.