It is a pleasure to follow the hon. Member for Southampton, Test (Dr Whitehead) who, as ever, spoke in great detail. I will speak in less detail, and I think my remarks will be a bit shorter.
I enjoyed all three of the Energy and Climate Change Committee’s reports, and I congratulate the Committee on them. Before I get to my specific points, I will say that the Chairman’s suggestion that we should devolve energy policy to Scotland does have some merit. It is true that Scotland has the lowest carbon emissions per capita of any of the nations of the UK, which it achieved by having a higher proportion of its electricity come from nuclear power than any other region. To that extent, we can all learn from what Scotland has achieved.
Turning to the thrust of the three reports, I want first to talk about investor confidence, because it is valid to say that if investor confidence disappears, there will be an associated cost. If I am in business and my business model is all about Government subsidies, it is reasonable that there will be some discontinuity and I should expect that.
My hon. Friend the Member for Eddisbury (Antoinette Sandbach) made the point that we have slipped from eighth to 13th in the table for renewables and wondered how that could be compatible with meeting our decarbonisation targets, which are the most challenging of any country. The answer to that is of course that it is not compatible. It would be better if that was improved, but renewables are only one part of how we are going to decarbonise.
In the UK, 9% of our energy comes from renewables. The Chairman of the Select Committee read out some numbers relating to current energy production. In fact, I think he was talking about electricity, because energy includes transport and all that goes with it. It is true that 30% of renewables investment in the EU last year was in the UK, and it is also true that the Government are making a great deal of progress on nuclear power, but they need to do even more on substituting gas for coal, which would make the single biggest difference.
Other people will talk about carbon capture and storage tonight, and I regret that it did not go ahead, but I am uncertain whether there is a clear pathway of how it will work. We talk about Canada and perhaps Norway, but neither of them is yet commercial and there is lot more work to be done to make that happen. I would defend the Government somewhat on the notice they gave to the stock exchange before Parliament. As others have said, companies such as Shell invested huge sums in this, the announcement was price-sensitive and the stock exchange had to be told before Parliament.