I would happily answer that point. The point the hon. Gentleman should understand is that a thriving oil and gas sector unlocks investment in other renewables. There are people interested in floating offshore wind who are part of the oil and gas sector now—the same subsea technology, the same people and the same skills will power our offshore wind and floating offshore wind sectors in the future.
We are also funding eight groundbreaking projects through our £1 billion net zero innovation portfolio to help us harvest the power of the sun from space. Space-based solar could provide clean energy day and night in all weathers and send it wirelessly to the Earth. Madam Deputy Speaker, I think you would agree that that is a superpower in itself.
Meanwhile, hydrogen hubs in places such as Teesside are not only creating the green hydrogen energy of the future, but bringing investment back to areas Labour left behind. By 2030, the sector could support up to 12,000 jobs and unlock up to £11 billion in private investment. However, hydrogen is not the only new technology we are supporting. In the last CfD allocation round, I was delighted to see that we had an unprecedented number of projects supporting emerging technologies such as tidal and, for the first time, geothermal energy.
So our green transition means up to £375 billion of investment and nearly half a million jobs across the UK. Of course, our plans also mean that by 2050 we could see our demand for electricity double, fuelled by our clean energy revolution, so we need to power up our electricity grid. I have made that my priority, and that is why I am ending the first come, first served approach to grid connections by raising the bar to enter the queue and ensuring that those who are ready first will connect first.
We will set out the UK’s first ever spatial plan to give industry certainty and every community a say, and we will speed up planning for the most nationally significant projects coming forward with our response to electricity networks commissioner Nick Winser’s review coming shortly. Those plans alone could unlock £240 billion of investment and support 130,000 jobs.