Oral Answers to Questions

Stephen Morgan Excerpts

Tuesday 21st March 2023 Commons Chamber

[Jeff Smith (Manchester, Withington) (Lab)]

20. What fiscal steps he is taking with Cabinet colleagues to support the economy in reaching net-zero carbon emissions.

[Stephen Morgan (Portsmouth South) (Lab)]

22. What fiscal steps he is taking with Cabinet colleagues to support the economy in reaching net-zero carbon emissions.

[The Exchequer Secretary to the Treasury (James Cartlidge)]

At the spending review 2021, we confirmed that since March 2021 the Government will have committed a total £30 billion of public investment for the green industrial revolution. Since then, the Government have made new announcements to provide long-term certainty on our investment plans, including £6 billion for energy efficiency from 2025 and up to £20 billion for carbon capture, usage and storage. The Government will set out further action shortly to support green industries in the UK and meet our net zero 2050 commitment.

--- Later in debate ---

[James Cartlidge]

I am grateful to the hon. Gentleman for raising the Inflation Reduction Act; I hope we all welcome what the United States is doing, because the climate is a global phenomenon and, if we are to make progress, we need the United States and other countries to do their bit. Let me be clear: we should be proud of our record to date and confident in our future, because we have huge competitive advantages on green industry. We have a brilliant record to date, we have the shallow North sea, where we have developed the biggest coastal array of offshore wind in the whole of Europe, we have a brilliant scientific base and, with the City of London and our financial institutions, we should be confident about our green future.

[Stephen Morgan]

The Institute of Directors has warned that

“the UK will find itself left behind in the accelerating race to lead the green economy.”

After a lacklustre Budget, does the Minister agree?

[James Cartlidge]

To give just one example of why we should be confident, last year 40% of our electricity came from renewables. The figure in the United States was 20%. We have a very strong record, but we are going to keep building on it. That is why we announced the £20 billion for carbon capture and storage and why we announced Great British Nuclear, because we need that baseload power to go alongside renewables and give us energy security.