Inflation Reduction Act and Low Carbon Industries 2023-11-28
2023-11-28
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The MP asked about the impact of President Biden's plan to use America's industrial might for renewable energy projects.
What recent assessment has been made of the impact of the US Inflation Reduction Act on levels of investment in low carbon industries in the UK? Given that we need to turbocharge the green economy, why will the Government's response not come into effect until 2025?
We have taken many steps already, including setting out new plans for auction round 6 of renewable energy and for permanent economy-wide full expensing. We changed planning and are unlocking the grid. The fund mentioned will unlock supply chains across the UK. It has been welcomed by Scottish Renewables as a 'shot in the arm for the sector', the Offshore Wind Industry Council, Make UK, Energy UK, and many other businesses.
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Assessment & feedback
Why the government's response will not come into effect until 2025
Response accuracy
Q2
Partial Answer
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Context
The MP inquired about the Chancellor's autumn statement commitment on legislation for the Crown Estate's powers.
When are the Government likely to bring forward legislation to modernise the Crown Estate's investment and borrowing powers, which is a vital step for deploying 16 GW of floating offshore wind in the Celtic sea?
We have a commitment to unlock an additional 12 GW of wind power in the Celtic sea. The right hon. Friend has been a doughty champion for the Celtic sea, and we will bring forward the legislation in due course.
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Assessment & feedback
Specific timeline or date for bringing forward the legislation
Response accuracy
Q3
Partial Answer
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Context
The MP questioned the effectiveness of the Government's global investment summit in boosting UK economy.
Was the global investment summit not just a distraction from the same old fundamentals—business confidence is down, exports are down, and growth forecasts are down after 13 years of instability and uncertainty? Does the Secretary of State think that lack of business confidence is because her Government trashed the economy last year?
What we saw yesterday was £7 billion from Iberdrola for UK electricity networks and renewables, and £300 million from Aira. In the last couple of weeks, we have had investments from Sea Wind, Nissan, and Siemens Gamesa. The difference between what the Government offers (£29 billion) and what Labour offers (£28 billion) is important.
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Assessment & feedback
Effectiveness of the global investment summit in addressing economic challenges
Discussed Other Recent Investments Instead
Response accuracy
Q4
Partial Answer
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Context
The MP inquired about the impact of President Biden's plan to use America's industrial might for renewable energy projects.
What recent assessment has been made of the impact of the US Inflation Reduction Act on levels of investment in low carbon industries in the UK? Given that we need to turbocharge the green economy, why will the Government's response not come into effect until 2025?
We have taken many steps already, including setting out new plans for auction round 6 of renewable energy and for permanent economy-wide full expensing. We changed planning and are unlocking the grid. The fund mentioned will unlock supply chains across the UK. It has been welcomed by Scottish Renewables as a 'shot in the arm for the sector', the Offshore Wind Industry Council, Make UK, Energy UK, and many other businesses.
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Assessment & feedback
Specific timeline or date for bringing forward the legislation
Response accuracy