I do welcome that investment. The two industries go hand in hand. In oil and gas basins all around the world, one will hear Scottish, Geordie and Norfolk and Suffolk accents, and we must ensure that that continues to be the case long after we have extracted the last drop of oil from the North sea and after other countries have moved to forms of renewable energy production.
We need to look closely at what we can do better in many areas, and I will briefly mention four of them. First, the Suffolk coast has been at the forefront of the battle with rising sea levels for a millennium, and the challenge has intensified over the past decade as climate accelerated the rise in the level of the North sea. Innovative schemes have been produced locally to defend both Lowestoft and Kessingland, and it is vital that they are properly funded. Secondly, the roll-out of smart meters is in many respects the elephant in the room that no one talks about. We are not doing well enough, and we need to do better. Thirdly, we were wrong to ditch the zero-carbon homes initiative. It needs to be reinstated, and we must step up plans to retrofit our existing housing stock, thereby reducing fuel poverty. Finally, electricity storage has a vital role to play, but it is threatened by Ofgem’s targeted charging review proposals. They must be reviewed, with full implementation delayed until 2023.
Millions of people around the world are imperilled by climate change day to day. We need more of what we are already doing, but on more fronts and with a greater sense of urgency.