Last month, during Treasury Questions, Richard asked the Exchequer Secretary to the Treasury, James Cartlidge MP, to work with British business to continue the progress to ensuring a successful transition to Net Zero.
Speaking after his question, Richard Fuller MP said:
This Conservative government has made enormous strides in harnessing the British economy to achieve Net Zero through the leadership of COP 26, the establishment of the Global Financial Alliance for Net Zero and the introduction of corporate reporting for our major corporations on carbon emissions.
In asking him to work with business to continue this progress, the Minister cited one example of this - the Contracts for Difference (CfD) regime which is the government’s main mechanism for supporting low-carbon electricity generation. CfDs incentivise investment in renewable energy by providing developers of projects with high upfront costs and long lifetimes with direct protection from volatile wholesale prices, and they protect consumers from paying increased support costs when electricity prices are high.
Last July, the government had the largest ever allocation of contracts through the contracts for difference process, contracting about 11 GW of clean power, which is enough clean energy for 12 million homes.
The full exchange with the Minister can be watched here.
