EU Referendum: Energy and Environment

Stewart Malcolm McDonald Excerpts

Tuesday 12th July 2016 Commons Chamber

[Philip Boswell (Coatbridge, Chryston and Bellshill) (SNP)]

When considering this question, and in respect of investor confidence, my concerns are as follows. Investment in oil and gas renewables, or any energy or environmental project or initiative, relies on, among other things, stable legislation. Investors must be able to rely on the conditions under which they are prepared to invest lasting for, preferably, the duration of that project or initiative. That has not been the case with this Government and previous Governments.

There have been about 18 legislative changes in the oil and gas sector in the past 15 years. Allied to that, there has been the withdrawal from green initiatives such as the zero-carbon home policy. The green deal home improvement fund was abolished. Solar subsidies have been cut and the onshore wind farm subsidy has been removed. The door has been opened to fracking and a cap for biomass fuel subsidy has been introduced. The UK Green Investment Bank has been privatised, the green tax target on renewable energy investment has been abandoned and green car incentives have been cut. Particularly significant for me, as I worked on one of the projects, was the cancelling of the competition for carbon capture and storage.

[Stewart Malcolm McDonald (Glasgow South) (SNP)]

My hon. Friend is illustrating the sorry place the Government have now taken the country. It is no longer Britannia rules the waves: it is Britannia waives the rules.

[Philip Boswell]

That is an excellent point well made by my hon. Friend.

The legislative changes in that short list can do nothing but discourage investors from investing in new energy production. The cancellation of the £1 billion carbon capture and storage competition initiative set out in the 2015 autumn statement will make it almost impossible for the UK to meet its climate change targets.