Context
The Liberal Democrat MP questions the government's approach to funding wind and solar energy compared to other major economies. She highlights a disparity in subsidies between oil and gas exploration and renewables, suggesting Britain is lagging.
Question
What fiscal steps are being taken with Cabinet colleagues to maximise short-term investment in wind and solar energy? Since 2016, over £10 billion has been spent on oil and gas exploration and extraction subsidies while major economies like the US and EU plan massive investments for renewable transformation. Britain is behind. Should we phase down subsidies for new oil and gas exploration and invest that money in renewables to accelerate the transition? We are not transitioning fast enough and missing net zero targets.
Answer from James Cartlidge
The Government encourage investment in the UK energy sector through contracts for difference, which have provided nearly £6 billion net in price support to renewable electricity projects. Britain has reduced emissions faster than any other G7 nation and last year 40% of our energy came from renewables while just 1.5% came from coal. We still need investment in the North Sea and domestic sources for energy security.
Not addressed: The specific ask about phasing down oil and gas exploration subsidies was not addressed directly, instead highlighting overall progress on renewables and energy security.
How: I Respect The Hon. Lady'S Consistency In Asking These Questions, But I Beg To Differ When She Says We Are Lagging Behind.
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