Graham Stuart MP
Former Minister for Energy Security and Net ZeroThe world is in a race against time to combat climate change and, much like drivers on a racetrack, we are navigating twists, turns, and sharp bends to meet this challenge. Last year saw record temperatures across the globe and negative impacts, which will only worsen if we do not, collectively, reduce emissions and move to net zero.
In the drive to survive – and keep 1.5 °C alive – the UK is leading the pack. We were the first major economy to halve emissions, cutting them by 50 per cent between 1990 and 2022, while growing our economy by almost 80 per cent. We are setting the blueprint for reaching net zero. Our pragmatic approach balances ambition with practicality and minimises the burden on hardworking families.
Setting the Pace
Our record speaks for itself. We were the first major economy to enshrine net zero into law, and we are going further and faster than our international peers. Official statistics out this month show we have halved our greenhouse gas emissions. More than Japan, France, Germany, Italy, or the United States. The UK now accounts for less than one per cent of annual global emissions and boasts one of the world’s most ambitious legally binding emission reduction targets.
We are making remarkable progress. Not only have we over-achieved on three consecutive carbon budgets, but we are also transitioning to clean energy at an unprecedented pace. In 2010, just 7 per cent of our electricity came from renewables – it is now over 40 per cent, solidifying our position as a global leader in renewables and, importantly, delivering low-cost, clean British energy to displace expensive fossil fuel-based alternatives.
We are racing ahead on low-carbon energy. We have five of the world’s largest operational wind farm projects off our shores. We have seen a five-fold increase in renewables connecting to the grid, which is one of the fastest accelerations in Europe since 2010. And we are investing £300 million to become the first country in Europe to pioneer the development of high-tech nuclear fuels.
Strengthening Energy Security
As we pursue net zero, we are also strengthening our energy security by diversifying our energy sources and reducing reliance on imports. By continuing to invest in domestic renewable energy sources such as wind, solar, and tidal power, we are bolstering our energy independence and reducing vulnerability to geopolitical tensions and price fluctuations in global energy markets. Powering Britain from Britain not only fortifies our resilience but serves as a powerful tool for isolating hostile regimes like Putin in Russia.
We are scaling up renewables and nuclear at pace but will remain reliant on oil and gas for decades to come – even as we lead the world in reducing demand for them. We are net importers of both oil and gas, and our production is declining even faster than our demand. Switching off oil and gas and ending new licences today will not stop us from using oil and gas – but will increase higher emission imports.
Therefore, it makes environmental sense to support domestic production, protect the UK’s oil and gas industry, value the 200,000 jobs it supports across the UK and make sure we can benefit from the tens of billions in tax revenues the sector will bring in over the next few years. Those taxes have helped the Government to step in to support families struggling with energy prices and the cost of living after Putin’s invasion of Ukraine, covering half of a typical household’s energy bill.
Seizing Economic Opportunities
Our journey to net zero also comes with vast economic opportunities that we must seize. It is estimated that low-carbon goods and services could be worth up to a trillion pounds to UK businesses over the period to 2030.
We haven’t been slow to seize on this. We have seen £200 billion in public and private low-carbon investment since 2010. The continuing clean energy boom we have created since 2010 is expected to bring a further £100 billion of private investment by 2030, just six short years away, helping to support up to 480,000 UK jobs. On top of that, since September 2023 alone, companies have announced plans for £30 billion of new energy sector investment into the UK. Embracing innovation and ambition, we are building a thriving economy that benefits communities nationwide.
Not only are we attracting investment into the UK, but we are also working to reduce bills for the long term and help families and businesses reduce their energy use. We have provided £104 billion to support families with cost-of-living pressures. We have increased the Boiler Upgrade Scheme grants by 50 per cent, making the scheme one of the most generous in Europe. And during this Parliament, we have allocated over £12 billion for energy efficiency and low-carbon heating.
Global Leadership and Net Zero
As a global green leader, the UK is playing an instrumental role in international efforts to shift to clean energy and cut emissions. It’s been over three months since COP28 and the pride I feel at the UK’s achievements has not dimmed a bit. Before I arrived at the summit in Dubai, I said the UK was committed to delivering net zero here at home, and we would work with partners around the world to help them get on the same track. And that is what we are doing.
As the independent Climate Change Committee recognised, we played a pivotal role at COP to reach an agreement that – for the first time – commits countries to transition away from unabated fossil fuels. It was a landmark achievement in the fight against climate change that keeps 1.5 degrees alive.
In every race, every moment counts. As we continue our path to net zero, we know just how important it is to seize the opportunity to enhance energy security, drive economic growth, create jobs and lead the world in combating climate change. So, with a laser-like focus, we are staying the course and not taking our foot off the pedal in the race to ensure a brighter, more sustainable world for future generations.
This is just one of the articles in the ‘Environment and Sustainability’ section of the new edition of Chamber’s journal. To get access to the online version, subscribe to our newsletter here, or to buy a print version click here.