Speeches by Esterson.

“I will follow up on the Chair’s questions. The IMF says that the multiplier for investment in renewables is between 1.1 and 1.5, but, for fossil fuels, it is only 0.5 to 0.6. At the same time, $2 trillion was invested in clean tech in 2024 against $1 trillion in fossil fuels. The market is very definitely suggesting th…”

“Just to come back to what you were saying about carbon capture and the amount you have invested in it, did you say you had committed £4 billion into carbon capture in the UK of the £10 billion you have reinvested?”

“Alistair McGirr, do you agree that it is feasible that we can see a two-and-a-half-times increase?”

“Is it feasible to deliver that two-and-a-half-times expansion in five years?”

“I suppose the point about the example is that we are getting the sense as a committee that this is being managed, if that is the right term, in a somewhat disorderly way. What assurance can you give us that this is going to be done in a way that works for the needs of the entire country?”

“I chair the Energy Security and Net Zero Committee, as you will know, and we have had significant evidence about the problems of the grid queue that you have just touched on. What we have been hearing, which is a worry, is that there are the delays, whether it is 2034 or otherwise, and then suddenly they are being appr…”

“One piece of information that has emerged from the problems with British Steel at Scunthorpe is that the date for a grid connection is 2034. I had heard 2035, so I will take 2034, because it is in the public domain. Why is it taking so long? That is probably a question for you, Rob.”

“Thank you, and same question to you, Alistair.”

“You are moving away from fossil fuels.”

“Do you have investments in other fossil fuel forms of energy production?”

“We need steel for wind turbines, for the equipment for carbon capture and for the expansion of grid infrastructure. In short, it is an essential part of how we expand our energy security in this country. The Prime Minister told the Liaison Committee that the grid connection date for Scunthorpe was 2034. Can my hon. Fri…”

“My hon. Friend makes extremely well the point that our economic security and our national security are two sides of the same coin. I am pleased to hear about the work being done by the Business and Trade Committee; in his excellent speech, the Committee’s Chair, my right hon. Friend the Member for Birmingham Hodge Hill…”

“Well, thank you, Mr Speaker—no pressure. [Interruption.] I will put some of my papers down. May I start by praising the Business Secretary and his team for the way in which they have introduced the legislation? I add to that my praise for trade unions, local management and Members of Parliament of both main parties—not…”

“That is a relevant question, given that the hon. Gentleman was Boris Johnson’s business adviser when the Jingye deal was being negotiated. What advice did he give Boris Johnson about whether to accept that deal?”

“rose—”

“Both, but there is this real concern with the growth figures.”

“Absolutely, Prime Minister, and my Committee has heard detailed evidence to make the points that you make extremely well. The timeframes you have set out, though, are several years away. In some cases, they are considerably beyond the date of the next general election. How are you going to make sure that people are bet…”

“Thank you for that. I was at Port Talbot with the Energy Security and Net Zero Committee two weeks ago, and people were saying to me how frustrating and worrying it is that the blast furnaces shut there some years before the new electric arc furnaces will be opened. They are very encouraged and pleased by the Governmen…”

“We are keen to learn what “all options are on the table” means in more detail, if there is anything you can say, Prime Minister.”

“Thank you for joining us, Prime Minister. I was pleased, because I have people who work at JLR, albeit in Halewood—you were at JLR in Solihull—by the support you gave to the car industry yesterday, but I want to talk to you about steel. The situation at Scunthorpe, which I know you visited, is obviously very urgent. On…”