Carbon Budget Delivery Plan

Tom Hayes Excerpts

Wednesday 12th November 2025 Westminster Hall

[Tom Hayes (Bournemouth East) (Lab)]

It is a pleasure to see another Hayes serving in the Chair, Sir John. I thank my hon. Friend the Member for Sheffield Central (Abtisam Mohamed) for securing this debate. When we talk about the carbon budget delivery plan, we are talking about progress towards a cleaner, fairer and more secure Britain. With COP30 getting under way properly, we know the consequences of breaching the 1.5° limit: there will be more people exposed to extreme heat, higher sea levels, increased food security risks, the extinction of species, a loss of virtually all coral reefs, and the spread of climate-sensitive diseases on a greater scale. We cannot allow that to happen.

Although we are tackling this issue for global reasons, it is clear that there will be benefits at home. Clean energy is the route to faster and more resilient growth. Analysis by Oxford Economics for Energy UK shows that we can add up to £240 billion in value to our economy by 2050 if we increase our ambition. The faster we move now, the more our economy will work for working people and the more good, secure jobs we will create.

I am particularly pleased that the Government are setting up Great British Energy with £8.3 billion of funding going into large-scale solar, offshore wind and grid-scale battery projects. I am also pleased to see today’s announcement by SSE of £33 billion of investment to unlock secure and affordable clean energy, and to support our economic growth. That is proof that when we invest in the green economy, we see investors returning that.

Sprinting to net zero does not just boost growth; it also protects growth. We saw what happened when the last Government failed to plan for resilience. Volatile international fossil fuel markets sent our bills soaring and made our growth sputter. Typical household energy costs nearly doubled in a single year and all our constituents are still living with the cost of that. Millions of people were pushed into fuel poverty and energy bill debt remains at record levels. Indeed, when the last Government finally acted, they did so at huge cost, spending £94 billion of taxpayers’ money. That crisis could have been prevented with sustained investment in energy independence and efficiency.

We should be going as fast as we can on net zero because another such crisis could be prevented with clean home-grown energy. The Office for Budget Responsibility has warned that a fossil fuel price shock could cost us between 2% and 3% of GDP in the 2030s. We cannot afford such a shock to be inflicted on our constituents all over again.

The delivery plan faces several other challenges. We know that there are opponents who have chosen an anti-jobs, anti-science path that would spell disaster for our economy, our security and our planet. Too often, net zero has been treated as a political football. Deadlines have been delayed, targets have been softened and certain voices have claimed that our targets are “impossible” to meet. Indeed, there have even been threats to rip up green contracts, undermining investor confidence when our constituencies need investment in jobs in the green economy so that we can lead from the front. To all those who resist home-grown renewables or reject British-built nuclear, let me be clear: they are undermining our security, driving up our bills and holding back growth. That is bad for Britain and bad for our planet.

Our national security is our energy security, so I do have to speculate about some of the opposition to net zero. When I see that 92% of Reform UK’s post-2019 funding is linked to or comes directly from donors tied to fossil fuel interests, polluting industries or climate science denial groups, it makes me wonder. Similarly, we know that the leadership of Reform UK’s pick for First Minister of Wales was a paid Putin propagandist. Why is Reform UK so keen for Britain to be addicted to Russian-dominated fossil fuel markets? Our energy security comes in many forms.

We also know that despite all the political noise, the markets and the public remain firmly committed to clean energy. Among Fortune Global 500 companies, net zero commitments have risen from 8% in 2020 to 45% last year. Some 70% of the UK public support the net zero target, compared with just 18% who do not, and 65% of the UK public want more renewable generation, while only 7% disagree with increasing renewables. Polling by the UK Sustainable Investment and Finance Association found that 68% of people are uncomfortable with their pensions or savings being invested in companies that harm the environment.

Let me be clear: the Conservatives and Reform UK will lock Britain out of the race for green economic leadership. People up and down our country will lose out. However, Britain can no longer be held back, because the race for the jobs and industries of the future is speeding up, so we must go all-in on clean energy.

This is a critical moment. Global insecurity is driving insecurity at home, and many people feel ignored and left behind. While the world moves at speed, our politics remains stuck. People are hungry for change, but if this Government do not deliver it, others will—and that worries me.

Our task as a country is to lead in this era. It is not to defend the broken ways of doing things, but to create new methods to give people the stability and pride that they crave, and a country that is on the up once again as it leads the global race for green investment. We cannot afford to leave our country to those who will cosy up to Putin by indulging the fossil fuel markets and volatile prices that come with them. That means taking on vested interests, and restoring control of our energy and our economy. The dividing line in politics must be between the disruptors and those who defend a status quo that is working in nobody’s interest.

We know that net zero is the economic opportunity of a generation. Our net zero economy grew 10.1% in 2024. Net zero foreign direct investment was up 46% last year, reaching £20 billion, and 95% of major financial firms—representing over £1 trillion in turnover and £200 billion in green investments—say that they would increase UK investment with greater policy certainty, unlocking up to £100 billion. Is there policy certainty in scrapping the Climate Change Act or threatening to rip up the green contracts that the Government are delivering?

[Sir John Hayes (in the Chair)]

Order. Can you bring your remarks to a close, otherwise no one else will be able to get in?

[Tom Hayes]

I apologise.

The capital is waiting, public support is strong and technology is ready. What is needed is yet more policy certainty, clarity and courage. We have seen so much already, but there is more to do. Net zero should not be a political football. It is a strategic national mission, the UK’s growth story and a foundation for jobs, competitiveness and resilience.

[Sir John Hayes (in the Chair)]

I call Susan Murray—you have a couple of minutes.