COP26

Barry Gardiner Excerpts

Monday 15th November 2021 Commons Chamber

[The Prime Minister]

My right hon. Friend makes an extremely important point. The resources are there. There are adequate supplies; the problem lies in the supply chains. That is an issue that we are working on, together with our American friends and other partners around the world, to ensure that there is no disruption in those supplies of critical things, particularly semi-conductors.

[Barry Gardiner (Brent North) (Lab)]

First, may I pay tribute to the right hon. Member for Reading West (Alok Sharma)? He has gained enormous international respect for the diligent, courteous and tenacious way in which he conducted the negotiations as COP26 President.

Given that article IV of the Glasgow climate pact requires us to accelerate the phasing out of fossil fuel subsidies, can the Prime Minister tell us whether the 130% tax super deduction announced by the Chancellor will now have a climate filter imposed so that the taxpayer does not end up paying the full cost of projects such as the Cambo oilfield, and whether the Government will use the $27.5 billion windfall from the International Monetary Fund special drawing rights to significantly scale up their provision of climate finance to developing countries, as demanded under articles III and V?

[The Prime Minister]

What I can certainly tell the hon. Gentleman is that the 125% super deduction he rightly refers to will be of great assistance to companies across the whole of the UK in investing in new clean, green technology. That is the way forward.