Asked by: Dan Carden (Labour - Liverpool, Walton)
Question to the Foreign, Commonwealth & Development Office:
To ask the Minister of State, Foreign, Commonwealth and Development Office, pursuant to the Answer of 21 March 2024 to Question 19159 on Overseas Investment: Fossil Fuels, what his planned timescale is for ending support for the overseas fossil fuel sector.
Answered by Andrew Mitchell - Minister of State (Foreign, Commonwealth and Development Office) (Minister for Development)
The Government's policy on supporting overseas fossil fuel projects is set out at https://assets.publishing.service.gov.uk/media/65840f10fc07f300128d45e9/aligning-uk-international-support-for-the-clean-energy-transition.pdf. This policy has been in force since 31 March 2021.
All investment commitments made by BII since December 2020 meet the conditions set out in BII's Climate Change Strategy and the UK Government's fossil fuel policy. BII are committed to Paris alignment and to reaching net zero at a portfolio level by 2050. A quick sale of existing fossil fuel assets would simply offload the problem to other potentially less responsible investors and may not offer value for money for the British taxpayer.
Asked by: Dan Carden (Labour - Liverpool, Walton)
Question to the Foreign, Commonwealth & Development Office:
To ask the Minister of State, Foreign, Commonwealth and Development Office, pursuant to the Answer of 21 March 2024 to Question 19159 on Overseas Investment: Fossil Fuels, if he will publish a full energy portfolio for British International Investment setting out investments in (a) fossil fuels and (b) renewable energy in (i) 2021, (ii) 2022 and (iii) 2023.
Answered by Andrew Mitchell - Minister of State (Foreign, Commonwealth and Development Office) (Minister for Development)
BII already discloses the percentage of assets in its portfolio that can be considered climate finance and 'carbon-related' (i.e. in the fossil fuel value chain) as part of its annual Task Force on Climate related Financial Disclosures (TCFD) reporting in its Annual Accounts (published on BII's website), in line with TCFD recommendations.
The UK's Development White Paper set the ambition for BII to become the most transparent bilateral Development Finance Institution. Subsequently, BII has published a Transparency Roadmap. For its existing portfolio, the Roadmap commits BII to state whether an investment is fossil fuel or renewable energy power generation. This will be available on its public investment database by the end of the year.
Mentions:
1: David Duguid (Con - Banff and Buchan) Without new investment, it is predicted that reliance on overseas imports will increase from 50% today - Speech Link
2: Zarah Sultana (Lab - Coventry South) It is a programme of state-led investment in green industries, rapidly replacing fossil fuels with renewables - Speech Link
3: Vicky Ford (Con - Chelmsford) We need to prioritise energy security for as long as we need fossil fuels. - Speech Link
4: Wera Hobhouse (LD - Bath) We must get away from our dependence on fossil fuels, not extend it. - Speech Link
5: Sammy Wilson (DUP - East Antrim) fuels; and some 40% of our electricity is generated from fossil fuels. - Speech Link
Mentions:
1: Lord Lennie (Lab - Life peer) The more we depend on fossil fuels, the more we will depend on those who control, and set the prices - Speech Link
2: Lord Lilley (Con - Life peer) They will also replace any fossil fuels that we provided to the rest of the world. - Speech Link
3: Baroness Jones of Moulsecoomb (Green - Life peer) It does not matter from where on earth those fossil fuels are extracted or what the balance of trade - Speech Link
Mentions:
1: Caroline Lucas (Green - Brighton, Pavilion) That is what happens when we let fossil fuels into every corner of our politics.That is only the tip - Speech Link
2: Alex Burghart (Con - Brentwood and Ongar) fuels for certain purposes. - Speech Link
Mentions:
1: McAllan, Màiri (SNP - Clydesdale) concerns about, among other things, the proportion of Rosebank’s oil and gas that will be exported overseas - Speech Link
2: McAllan, Màiri (SNP - Clydesdale) However, circa 80 per cent of what is extracted from the UK continental shelf is exported overseas, and - Speech Link
3: McArthur, Liam (LD - Orkney Islands) fuels will enhance the UK’s energy security and ... also help to protect households from volatile fossil - Speech Link
4: Doris, Bob (SNP - Glasgow Maryhill and Springburn) fuels, but not to prop up the nuclear industry in England. - Speech Link
Mentions:
1: Baroness Lister of Burtersett (Lab - Life peer) It will therefore not prevent public local authorities divesting from fossil fuels or other campaigns - Speech Link
2: Lord Collins of Highbury (Lab - Life peer) That is a critical area, as extraction of coal and other fossil fuels is often part of government strategy - Speech Link
3: None The Bill will not prevent public authorities divesting from fossil fuels on a non-country specific basis - Speech Link
Written Evidence May. 08 2024
Inquiry: Net zero and tradeFound: Pledging to end trade promotion and export finance for the overseas fossil fuel sector has been a
Mentions:
1: Alok Sharma (Con - Reading West) The point that the Government are pursuing is to ensure that we have less use of fossil fuels overall - Speech Link
2: Barry Gardiner (Lab - Brent North) That is not just because the world signed up to transition away from fossil fuels at COP 28, but because - Speech Link
3: Barry Gardiner (Lab - Brent North) I will not vote to lock volatile fossil fuels into our already broken energy system. - Speech Link
4: Kenny MacAskill (Alba - East Lothian) But we require fossil fuels to deliver that renewable capacity. - Speech Link
5: Alan Whitehead (Lab - Southampton, Test) When we are in a crisis caused by our reliance on fossil fuels and committed to a net zero transition - Speech Link
Mentions:
1: Baroness Sheehan (LD - Life peer) Thirdly, global emissions from fossil fuels reached record levels again in 2023. - Speech Link
2: Lord Benyon (Con - Life peer) agreement to transition away from fossil fuels. - Speech Link