Oral Answers to Questions

Edward Miliband Excerpts

Wednesday 15th June 2022 Commons Chamber

[Mr Speaker]

We now come to the shadow COP26 President.

[Edward Miliband (Doncaster North) (Lab)]

It has been reported that the COP26 President is in the running to become the executive secretary of climate at the UN. I wish him well, because he would do an excellent job in that post. Part of the reason he won respect at COP26 was for his commitment to phase out fossil fuel subsidies, yet here at home the Chancellor has created a massive loophole in the windfall tax to give away at least £4 billion of public money in new incentives for new oil and gas projects. Can the COP26 President tell us whether he was consulted on that plan? How much does he estimate that it will drive up emissions? Is it not totally at odds with the agreement on fossil fuels that he worked so hard to secure in Glasgow?

[Alok Sharma]

The energy profits levy to which the right hon. Gentleman refers is a targeted short-term measure with an effective end date of December 2025. Any company looking to make future energy investments will have to factor in the risks of potentially ending up with stranded assets.

[Edward Miliband]

Maybe the COP26 President has one eye on the UN, because that did not sound like a wholehearted endorsement of the Chancellor’s policy, and he is right to think that the Chancellor’s policy does not make any sense. The money will either go to oil and gas projects that would have happened anyway, or incentivise new projects that will make no difference to consumer bills, take years to come to fruition and drive a coach and horses through our climate commitments. What is more, this policy excludes investments in renewables, which are the quickest, cheapest and cleanest form of power. Does that not reveal the truth that on climate, he says one thing on the world stage and the rest of the Government do another here at home? Is it not totally understandable that he wants to jump off the sinking ship?

[Alok Sharma]

The right hon. Gentleman will not get rid of me that easily. He needs to look at what the Government have done over the past few years: we have built the second biggest offshore wind sector in the world, which is precisely the reason that we are not dependent on Russian hydrocarbons, as some countries are. We have had a big push on renewables. He talks about the energy profits levy, but he should please have a look—he will have done this anyway, but a detailed look—at the energy security strategy, which sets out a very clear direction to a clean energy future for the UK.