Thank you very much, Madam Deputy Speaker. I assure you I will expel as little hot air and greenhouse gas as possible, and that I will be very short.
The UK shows no lack of ambition today. The debate has moved on from “why” to “how”, and the UK can be at the forefront of this revolution. Most importantly, the UK has the scientists, engineers, energy companies, natural resources and capital markets to deliver on this target. We must reduce carbon dioxide. Gas has played a massive part in displacing coal, and it could do that throughout the world. It creates half the greenhouse gas emissions that coal creates, and it fits perfectly into the intermittent supply that we need, along with renewable energy. If we could convince India and China to join us in this, we could reduce coal usage from a staggering 4 billion tonnes to under 1 billion tonnes by 2050.
However, it is important that we do not offshore our manufacturing. The UK will require a CO2 main ring to decarbonise manufacturing, and that will involve carbon sequestration, in which the North sea could play a major part, but all of this will be possible only if we back our technology and energy companies. In my constituency, offshore wind goes hand in hand with the offshore oil and gas industry, and we will one day see a hydrogen economy that is based on natural gas. The siren voices telling us to divest ourselves of energy companies put at risk this essential technological revolution. This will be of national importance, and all four nations can play their part. I finish by saying that we should not crush our national economy but liberate it.