Speeches by Hobhouse.

“A breakthrough moment at COP28, the previous COP, was the creation of the loss and damage fund, but the financial contributions from each individual country were miserable, including that of the UK. Supporting communities and climate-vulnerable countries is in all our interests, because it prevents large-scale migratio…”

“No, but we are a Committee that wants to express different views. I am sure I am not the only one who thinks that, and it would be interesting to hear about that. I would also like to hear about your assertion about the baseload piece. But let us first talk about allaying some fears that I, and people like me, might—qu…”

“There is the National Wealth Fund, the UK Infrastructure Bank and the British Business Bank. As I understand it—this sounds as if I am an expert on the banking sector; I am not—part of the problem is that there are not the right financial products around to bring private investment in. Would GB Energy talk to the Treas…”

“I am very much interested in community energy, but a lot of it is really about regulatory changes. You have previously said that you are actually an investment company, and you are not going to get involved in all these regulatory changes, so I am still a little unclear at this point where GB Energy sits in the space. …”

“I know, but where can you influence policy?”

“Since I have been asked, I will ask some questions that the Committee has very helpfully put together. What steps are you taking to develop the domestic nuclear supply chain and ensure nuclear projects source from British companies?”

“Sorry, I asked the wrong question. Several nuclear projects in the UK have seen costs spiral, investors withdraw and timescales lengthen. You have also already really responded to that, but the main question that always arises around nuclear is the public support piece, because people are worried about long-term costs,…”

“I talked to a small start-up that was wanting to develop new modular nuclear, and I asked a question about waste. Sorry for my rather amateur language around this, but it said there is actually waste that can be dug up—that there are waste products that could be reused. Can you explain that a little? I thought that was…”

“Well, yes and no, because part of our questions is, what case can you then make to private investors? If that is not the bit, then which one would be the bit where you can make a case to private investors?”

“No, more broadly about nuclear.”

“And risk is not defined by the nuclear in itself, but risk just by the duration?”

“And it is the timespan itself too.”

“I am very much interested in community energy, but a lot of it is really about regulatory changes. You have previously said that you are actually an investment company, and you are not going to get involved in all these regulatory changes, so I am still a little unclear at this point where GB Energy sits in the space. …”

“I know, but where can you influence policy?”

“Since I have been asked, I will ask some questions that the Committee has very helpfully put together. What steps are you taking to develop the domestic nuclear supply chain and ensure nuclear projects source from British companies?”

“Sorry, I asked the wrong question. Several nuclear projects in the UK have seen costs spiral, investors withdraw and timescales lengthen. You have also already really responded to that, but the main question that always arises around nuclear is the public support piece, because people are worried about long-term costs,…”

“No, but we are a Committee that wants to express different views. I am sure I am not the only one who thinks that, and it would be interesting to hear about that. I would also like to hear about your assertion about the baseload piece. But let us first talk about allaying some fears that I, and people like me, might—qu…”

“I talked to a small start-up that was wanting to develop new modular nuclear, and I asked a question about waste. Sorry for my rather amateur language around this, but it said there is actually waste that can be dug up—that there are waste products that could be reused. Can you explain that a little? I thought that was…”

“Well, yes and no, because part of our questions is, what case can you then make to private investors? If that is not the bit, then which one would be the bit where you can make a case to private investors?”

“No, more broadly about nuclear.”