Following a statement on the energy profits levy; the new 25% surcharge on the oil and gas sector, Peter Aldous seeks assurances from the Government that the levy will not imperil vital investment in the transition to a low-carbon economy and the creation of long-term jobs in emerging industries such as offshore wind, hydrogen and carbon capture and storage, which are very important in coastal communities.
Peter Aldous (Waveney) (Con)
Ongoing investment in the North sea is vital to the transition to a low-carbon economy and to the creation of long-term jobs in emerging industries such as offshore wind, hydrogen and carbon capture and storage, which are very important in coastal communities such as the one that I represent. Can my right hon. and learned Friend give an assurance that the levy will not imperil that ongoing investment?
Lucy Frazer (Financial Secretary to the Treasury)
The points that my hon. Friend makes are set out in the energy security strategy, because we recognise that the North sea will still be a foundation of our energy security. It is right that we continue to encourage investment in oil and gas as we transition to renewables. My hon. Friend is right that the sector, along with many others, provides important jobs for people in the areas where generation is taking place.