With permission, I would like to make a statement on the Prime Minister’s announcement on net zero.
Britain has led the world on tackling climate change. We have cut our carbon emissions in half over the past 30 years. We have boosted our share of renewables from just 7% in 2010 to almost half today. We have delivered the second highest amount of recorded low-carbon investment cumulatively across Europe over the past five years. Of all the major economies, we have set the toughest targets, and we have exceeded every carbon budget target so far.
As we look forward to becoming a net zero economy by 2050, we must ensure that our ambitions are practical and achievable—achievable by industry, which is investing billions to decarbonise; achievable technologically, as much of the green tech we will need to hit our 2050 target needs to be scaled up; and achievable for consumers, in particular for the millions of households that are currently struggling to make ends meet.
We will not reach net zero over the next three decades unless our plans for the future are pragmatic and viable. Only 7% of people in the UK currently think that net zero is going to be good for them and their family’s finances in the near term. In Europe, we are seeing people push back at clumsy policy that is negatively affecting our lives. It is clear that if we do not bring people with us, we risk sacrificing the whole climate change agenda. That is why the Prime Minister set out his plans last month for a fairer approach to ease the burdens on hard-working people and keep people feeling optimistic about net zero.
The Prime Minister’s approach includes giving people the flexibility to choose a new petrol or diesel car until 2035; removing the requirement that would have seen property owners forced to spend up to £10,000 or more on energy upgrades; easing the transition to clean heating; and raising grants under the boiler upgrade scheme by 50%, to £7,500—that scheme is now one of the most generous of its kind in Europe. The changes will allow us to meet our international net zero targets while avoiding disproportionate costs at a time when global inflation pressures are challenging the finances of many households.
We are responsible for less than 1% of annual greenhouse gas emissions. While our emissions are down 48%, America’s remain unchanged and China’s are up by 300%. It cannot be right that our citizens face punitive costs here when emissions are rising abroad. As the Prime Minister said, the fear is that if we continue to impose extra costs on people, we risk losing their consent for net zero. I want people to feel optimistic about net zero and connect that with jobs, investment and a sense of pride in playing our part in a global challenge. By taking a more measured approach, we will achieve our ambitious targets with the public’s consent.
Meanwhile, we are spending tens of billions to transform our energy security, and to boost renewables and clean nuclear power. We are investing £20 billion to get our carbon capture and storage industry up and running, with jobs supported in places such as Humberside, Scotland and the north-east and north-west of England. We will take carbon dioxide from polluting industries and store it under the North sea. The UK can lead the world in the provision of carbon transport and storage services, with an estimated 78 billion tonnes of theoretical carbon storage capacity in the UK continental shelf—one of the largest potential carbon storage capacities in Europe.
We also have the largest operational offshore wind farm in the world, and the second largest, the third largest, the fourth largest and now the fifth largest, too—all delivered under a Conservative Government. We will have enough wind to power the equivalent of every home in Britain by 2030. We will generate enough solar energy to power the equivalent of over 25 million electric vehicle miles every hour by 2035. We are world leading in our fusion technology and space-based solar projects.
Britain’s nuclear revival is well under way. Hinkley Point C in Somerset will provide enough secure, low-carbon electricity to power around 6 million homes. Sizewell C in Suffolk features the most powerful electricity generators in the world, to power another 6 million homes. We have launched Great British Nuclear to deliver our programme and we have accelerated the development of small modular reactors. Bringing all our work together is the Energy Bill—the vehicle for delivering the energy strategy to turbocharge British technology. It will liberate £100 billion-worth of private investment, scaling up green jobs and growth, and make Britain the best place in the world to invest in clean energy.
The most important announcement made during my tenure has been about the grid. We must make sure that the grid infrastructure is in place to bring new clean, secure and low-cost power to homes and businesses. Four times as much new transmission network will be needed in the next seven years as was built since 1990, so we are bringing forward comprehensive new reforms to help green energy expand faster. We will speed up planning for the most nationally significant projects and accelerate grid connections so that those who are ready can connect first.
Later this autumn we will set out our response to the work of electricity networks commissioner Nick Winser, demonstrating how we are going further and faster on grid, informed by his recommendations on reducing the time taken to develop this critical infrastructure for lower bills, energy security, decarbonisation and economic growth. We will also set out our plans to reform the connections process so that new electricity generators and electricity users can be connected faster, bringing more low-cost, low-carbon energy into the system and connecting up new economic investment quicker. We will set out the UK’s first ever spatial plan for energy infrastructure, to give industry certainty and every community a say.
We have so much to be proud of in what we have achieved so far, particularly the international leadership that we have shown in reducing greenhouse gas emissions. The Climate Change Committee has assessed that there is no material difference in our progress to cut emissions by 2030 since its last report in June, yet the changes we have made will make a real difference to the finances of many households up and down the country. The Prime Minister’s intervention means that we are now on a more secure path, because it can command public support, taking the people of Britain with us and delivering net zero in a practical, proportionate and pragmatic way. I commend this statement to the House.