Edward Morello

It is an honour to serve under your chairship, Mr Betts. I congratulate the hon. Member for Bromley and Biggin Hill (Peter Fortune) on securing this important debate. I suspect that, at this point, I am in danger of labouring the points already made by other hon. Members, but I will persist. Perhaps it is a sign that we all know what needs to happen. I am sure the Minister will speak to those issues. The UK tech sector employs more than 1.7 million people and contributes more than £150 billion to the UK economy. Our technology ecosystem has created more than 185 unicorn companies, which are start-up companies valued at more than £1 billion. I suspect that, at the end of this debate, a word cloud would have the word “ecosystem” as the largest word, but there is good reason for that. Innovation does not happen on its own; it requires the right conditions, such as access to funding, clear regulation, market confidence, skilled workers and a Government who understand the importance of helping companies grow. That is particularly important for small and medium-sized businesses, which form the backbone of the UK economy. In the UK, there were 5.7 million SMEs, including 5.4 million microbusinesses, in 2025. Those companies often develop some of the most exciting ideas, but they also face the greatest challenges when trying to scale up. One area where the UK has a huge opportunity is climate technology. As the chair of the all-party parliamentary group on ClimateTech, and having spent nearly a decade working in renewable energy finance before entering Parliament, I have seen how much potential this sector has. Between now and 2050, the world will need to remove 165 billion tonnes of carbon dioxide from the atmosphere, with annual removals reaching about 10 billion tonnes a year by the mid-century if we are to limit global warming to between 1.5°C and 2°C. The Intergovernmental Panel on Climate Change has made it clear that without carbon-removal technologies, those goals will not be met.