Here are the climate-related sections of speeches by MPs during the Commons debate Middle East: Economic Update.
12:44 Mel Stride (Conservative)
Despite what the right hon. Lady has said about tiebacks, nothing exemplifies this Government’s economic folly more than their approach to oil and gas. The utterly misguided net zero obsessions of the Energy Secretary have led to the absurdity of reduced extraction, while we see jobs destroyed, tax revenues forgone, and energy security smashed. The greatest tragedy of all is that in Jackdaw and Rosebank we have fields ready to go. In just months, they could be pumping vital relief to millions. Jackdaw alone has enough gas to supply more than 1.5 million homes, yet the right hon. Lady has nothing to say on that matter. Less oil and gas extraction means greater dependency and less security: this road leads to ruin. On energy, on the cost of living, on jobs, on growth, on public finances, on every measure that matters, the Chancellor has left us weak, weak, weak, and in the face of this energy shock, millions are about to suffer as a result.
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11:37 Daisy Cooper (Liberal Democrat)
I agree that the last Government’s failure to invest in energy was a failure to protect our country. Today we face the stark reality that we cannot guarantee our national security, our energy security or our food security. When the Liberal Democrats were in government, we launched the auction for onshore wind and established the Green Investment Bank, helping to drive down costs and quadruple renewable energy. The Conservatives’ decision to scrap the Green Investment Bank has left our energy system more exposed, and should be worn as a badge of shame.
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11:37 Edward Leigh (Conservative)
Is there not a sensible, middle-of-the-way approach here? We should by all means proceed with green energy—such as offshore wind, in which we lead the world, in the North sea off the Lincolnshire coast—but we should also keep an open mind about new extraction from the North sea. I was listening carefully to what she said to the shadow Chancellor. Will the Chancellor confirm today that the Energy Secretary will keep an open mind when he considers these licences, so that we can guarantee our resilience in the future?
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11:37 Rachel Reeves (Labour)
I thank the right hon. Gentleman for his approach and for his question. The oil and gas industry plays an important role in our energy system and will do so for decades to come. We very much welcome the jobs that it creates, the tax revenue that it provides and, most importantly, the energy security that it offers. In my Budget, I set out the new North sea oil and gas strategy, which includes allowing the use of tiebacks or infills on existing sites. For the reasons I have explained, the Secretary of State for Energy Security and Net Zero now has to take a quasi-judicial decision on Rosebank and Jackdaw. He will, of course, approach that decision with an open mind because this Government recognise the importance of our oil and gas sector.
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Rachel Reeves (Labour)
On the point about national grid infrastructure and why we end up paying for energy that cannot be used, we have to speed up those connections. That is why I spoke about consulting on indemnities for building out infrastructure, even in the case of judicial review. We must act in the national interest and get this infrastructure built. At the same time, the Secretary of State for Energy Security and Net Zero will set out in more detail the specific ways in which we can bring down prices for communities, including those of the right hon. Member.
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Jim Dickson (Labour)
I thank the Chancellor for her statement. As she says, we have made good progress on stabilising our fiscal and economic situation since the 2024 election. Most notably, we have increased the headroom available on our public finances, but as a result of the previous Government failing to invest in sustainable energy and nuclear, we are much more exposed to price shocks than we could be. Does she agree that it is vital that we do all we can to protect the most vulnerable in our community, including those among my constituents in Dartford, from the energy price hikes will result from this middle east war?
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Ellie Chowns (Green)
The fuel price shock caused by Trump’s reckless war highlights just how risky it is for the UK to be locked into the global fossil fuel markets. The Climate Change Committee recently pointed out that the cost of achieving net zero by 2050 is less than the cost of a single fossil fuel price spike, reinforcing the point that we need to invest in clean, green technologies and get ourselves off being hooked on fossil fuels.
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