Renewable Energy: Finance
The question
To ask the Secretary of State for Energy Security and Net Zero, whether his Department has made an assessment of the potential role of the oil and gas industry in (a) contributing to international climate finance pledges and (b) contributing funds to the just transition of works into green industries.
Answered by Michael Shanks
The Government has made several spending announcements since July to deliver the UK’s 2019 pledge to spend £11.6bn in International Climate Finance between April 2021 and March 2026, and is supporting workers to move from carbon-intensive sectors to clean energy industries with initiatives like the Energy Skills Passport.
Additionally, the temporary Energy Profits Levy, which applies to upstream oil and gas producers, is expected to raise £12.6bn between now and 2030. This revenue will help support the transition, enhance energy security and independence, provide sustainable jobs, and help protect electricity bills against price shocks.
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