Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Rishi Sunak said it is "pie in the sky" to pretend fossil fuels will not be part of the UK’s energy mix as it transitions to low carbon sources as part of the push to hit Net Zero emissions by 2050.
The Prime Minister, replying to Labour leader Sir Keir Starmer, told the Commons: "He talked about oil and gas, again, he needs to live in the real world. Oil and gas are going to be a part of our energy mix in the transition for several years ahead and it’s simply pie in the sky to pretend otherwise.
"The independent Committee on Climate Change has even recognised that and the carbon footprint of having homegrown gas is half the footprint of importing it from abroad, so it’s a sensible thing to do."
Amendment 13 has been withdrawn.
Amendment 13 was to effectively amend the windfall tax so the O&G co's could no longer recover allowances for investment etc. It was argued that without this Amendment, the Windfall Tax was unfair to renewables.
After a robust defence by the Treasury of the allowance in the windfall tax. the proposed Amendment was withdrawn from the new Bill.
Hopefully a sign of enough is enough in terms of taxing O&G co's.