Mike Reader

The discussion on fracking is perhaps one for another day. We have heard claims that there are billions of pounds to be invested, but in reality, when it comes to development, it is the public who pay the price. In some cases, taxpayers foot around 80% of the development bill. Modelling on Rosebank and ending the energy profits levy shows that there could be a net loss of about £250 million to the Treasury, while operators would receive about £1.5 billion in profits. That should give us pause for thought. Who are we here to represent—our neighbours who are facing high prices at the pumps and high fuel bills, or multimillionaire shareholders? There is also the fundamental question of whether the Government will keep their promise to future generations on the climate crisis. International bodies, including the International Energy Agency, have set out that new exploration licences are not compatible with limiting warming to 1.5°C. Last year was the first time in history that global temperatures exceeded 1.5°C above pre-industrial levels. We have a legal obligation, but, more importantly, we have a duty to act in the best interests of our country and our people in the long term. If we expand fossil fuel extraction in full knowledge of the consequences, we are choosing to delay that responsibility and we will feel the effects. We are already feeling the effects in food prices. The No. 1 issue that our farmers are facing is climate change. We will feel the impact of extreme heat and air quality on health, and we will see the effects in global instability, which feeds straight back into costs here at home. The task ahead of us is to make sure that we stick with the plan, focus on doubling down on renewables, say no to oil and gas, and, ultimately, make sure that we deliver a clean future for our country.