Wera Hobhouse is the Liberal Democrat MP for Bath.
We have identified 11 Parliamentary Votes Related to Climate since 2017 in which Wera Hobhouse could have voted.
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The measures announced by the Government in this Bill are welcome, in particular the removal of the 29% investment allowance except for investments on decarbonisation. This has been a Liberal Democrat policy, and I am pleased the Government have picked up on it and that it will now become a reality.
I thank the hon. Lady for her intervention. It is absolutely by putting in place the measures for transition that we will meet net zero. If we continue with business as usual and continue to listen to people who ultimately do not understand that unless we get to net zero our whole economy will suffer, then people will suffer. We will also have big, big problems with issues such as huge migration if climate change can rule unchallenged. This is why the Liberal Democrats believe the transition to net zero is important and why we need to put measures in place to make that happen. It is disappointing that the Conservatives, as the previous Government and now the Opposition, still do not understand how urgently we require climate action.
I thank the hon. Gentleman for that intervention. The whole argument is that we will continue to rely on oil and gas for the time being, but unless we start to change something, on the current projection we will not get to net zero as urgently as we need to. Progress has been too slow, so the longer we hesitate the more difficult it will become. The new Government have understood that urgency, and the Liberal Democrats support them in dealing with this issue with more urgency than we saw from the previous Government. I therefore repeat that we support the measures, but we would like the Government to support our new clause 2. As I said, it will show what we can raise by closing the loophole. It would by extension, as my hon. Friend the Member for St Albans clarified, show what has been squandered by the previous Government—money that could have been invested.
First, on those record profits, I think all Members of the Committee agree that the record profits in the oil and gas industry in 2022 were excessive. In 2023, however, the profits for Shell, the largest oil and gas major in Europe, barely decreased from the previous year. In fact, if we take its profits from the first half of this year, Shell looks likely to eclipse even those of last year. In the first half of this year, Shell has had profits of $14 billion. Half of that went to share buybacks, which do nothing to fund the decarbonisation that is so necessary to secure the future of energy production here in the UK and around the world. Those record profits, much of which have been handed back to shareholders, are going in the opposite direction of what ordinary families and working people need. Rather than reinvest in the transitions of the future, I would argue that the Conservative party is looking at the industries of the past and clinging on to a past that is quickly fading from reality.
The Government’s auction of 130 wind, solar and tidal energy projects in the latest round of the contracts for difference scheme points the way to the future. It points the way to the generation of 95% of the UK’s energy through green and decarbonised energy by 2030; to a transition that everyone in this Committee, and certainly everyone on the Government Benches, is looking forward to seeing in the next 10 years; and to the delivery of the local power plan, which will support local energy projects in communities such as mine. I welcome the funding of local projects such as Reading Hydro, which takes hydroelectric energy from the Thames, and the work of Reading Community Energy Society, which generates solar energy on the rooftops of the University of Reading and rooftops across my constituency. I look forward to all those projects and to the projects of the future, which is why I commend the measures that we are discussing today.
Full debate: Finance Bill
As we have already heard, the threat to UK food security comes not from renewable energy projects, but from a number of complex interrelated issues relating to how our food is produced, how it is subsidised, sold onto the middleman and supermarkets, and to a demand and supply mechanism that is broken.
At the heart of our food supply problems globally is climate change. Therefore, tackling climate change must be our top priority. Solar plays a major part in our efforts to get to net zero. More renewables also means less dependence on oil and gas and better security for our constituents when it comes to their energy bills. This year, England will produce 26% less wheat than in 2023. This comes after the wettest 18 months since records began. The loss of wheat in 2024 alone is over 5,000 times greater than the loss of food production caused by three new solar farms being approved in July. These are the figures we need to take into consideration.
When it comes to food supply and security, solar farms are a drop in the ocean compared with what we lose to the climate crisis. Meeting the UK Government’s plans for increasing solar energy by 2035 would mean using about 0.3% of the UK’s land—and we have already heard the comparison with golf courses. We need to look at how we sensibly use all our land. My constituency of Bath is served by solar energy from Lightsource BP, which is helping the UK to transition to net zero through solar projects. Projects like these need timely grid connection, and the Minister will know that that is currently the biggest barrier to farmers diversifying their income through renewable energy.
Full debate: Large-scale Energy Projects and Food Security