Speeches by Esterson.

“Is it feasible to deliver that two-and-a-half-times expansion in five years?”

“Alistair McGirr, do you agree that it is feasible that we can see a two-and-a-half-times increase?”

“Just to come back to what you were saying about carbon capture and the amount you have invested in it, did you say you had committed £4 billion into carbon capture in the UK of the £10 billion you have reinvested?”

“It is £4 billion from BP out of the £10 billion.”

“Just to be clear, are you advocating that approach?”

“Do those calling for a reversal of net zero policies have a point or not?”

“Yes, but this was going to be my main question. How far do electricity prices need to come down to really help manufacturers and help consumer confidence in that transition?”

“I will follow up on the Chair’s questions. The IMF says that the multiplier for investment in renewables is between 1.1 and 1.5, but, for fossil fuels, it is only 0.5 to 0.6. At the same time, $2 trillion was invested in clean tech in 2024 against $1 trillion in fossil fuels. The market is very definitely suggesting th…”

“You just told the Chair that you are.”

“At the moment in the UK, on our latest figures, gas sets the price of electricity 98% of the time. The average in the EU is 39%. In France, it is as low as 7%. Does it not make sense for everybody involved in the energy mix to do as much as they can, as quickly as they can, to reduce our reliance on gas to bring down e…”

“We will ask them questions as well; don’t worry. There have been quite a lot of comments, not just in this country but across the world, about moving away from net zero and the Paris climate agreement. Is the reason for your slowing down because of that sentiment?”

“Do you agree with the statement in the industrial strategy Green Paper that the only way to guarantee our energy security and protect billpayers is to speed up the transition away from fossil fuels and towards clean homegrown energy?”

“Rob Salter-Church, do you agree with the statement in the Green Paper?”

“Do you have investments in other fossil fuel forms of energy production?”

“You are moving away from fossil fuels.”

“We need steel for wind turbines, for the equipment for carbon capture and for the expansion of grid infrastructure. In short, it is an essential part of how we expand our energy security in this country. The Prime Minister told the Liaison Committee that the grid connection date for Scunthorpe was 2034. Can my hon. Fri…”

“That is a relevant question, given that the hon. Gentleman was Boris Johnson’s business adviser when the Jingye deal was being negotiated. What advice did he give Boris Johnson about whether to accept that deal?”

“Well, thank you, Mr Speaker—no pressure. [Interruption.] I will put some of my papers down. May I start by praising the Business Secretary and his team for the way in which they have introduced the legislation? I add to that my praise for trade unions, local management and Members of Parliament of both main parties—not…”

“My hon. Friend makes extremely well the point that our economic security and our national security are two sides of the same coin. I am pleased to hear about the work being done by the Business and Trade Committee; in his excellent speech, the Committee’s Chair, my right hon. Friend the Member for Birmingham Hodge Hill…”

“rose—”