Thank you for all those who took the time to share concerns regarding the North Sea oil and gas licenses. I appreciate your passion and dedication to addressing the critical issue of climate change, and I understand your frustration and sense of urgency on this matter.

Climate change is something that I am passionate about. I am proud that the UK was the first major economy in the world to pass laws to end its contribution to global warming by 2050. When I was Chair of the Transport Select Committee before becoming Rail Minister, I ensured that each inquiry we held incorporated the need to meet out Net Zero Targets (transport is responsible for the highest levels of carbon emissions of any sector, at around 25% of total emissions).

As we have seen over the last year, global energy supplies have been disrupted and weaponised by the likes of Putin, causing household bills to soar and economic growth to slow around the world. In light of these challenges, the UK recognises the critical importance of achieving energy independence and security. However, already a lot of progress has been made in transitioning away from fossil fuels. The economy has grown by 78% in the last three decades while emissions have reduced by 44%, faster reduction than any other G7 nation. Last year, overall, 48.5% of electricity came from renewable and nuclear power, compared to 40% from gas and coal power stations. The use of coal continued to fall; in 2022 it generated just 1.5% of electricity compared to 2012 when it was 43%.

It is essential that the UK has energy independence and security, and the Government is determined to safeguard our energy supply and power up Britain from Britain. As such, this Government is not only backing our oil and gas sector, but also investing in renewable energy and carbon capture.

The UK, like most major economies, is highly dependent on oil and gas and will be for decades to come. According to the Committee on Climate Change, oil and gas will still provide more than half of our energy needs in 2035, and 24 per cent of our energy needs even in a net zero 2050.

The Government remains firmly committed to its net zero target. However, oil and gas will be required in the transition to net zero, simply turning off the taps would mean we would have to import oil and gas, leaving us susceptible to global circumstances. Further, importing oil and gas harm our ambition to reach net zero. According to the North Sea Transition Authority, imported gas has a carbon footprint which is three times that of domestically produced gas.

The Government is therefore boosting our energy security by committing to hundreds of new oil and gas field licences in the North Sea, making sure we are not reliant on expensive, foreign imports. It is also investing in Carbon Capture and Storage, delivering on our net zero ambitions while creating 25,000 jobs and driving £10 billion of investment.

I therefore welcome that the Government is introducing legislation to support the future licensing of new oil and gas fields, helping the country transition to net zero by 2050 without adding undue burdens on households. The Offshore Petroleum Licensing Bill will strengthen the country's energy security and reduce reliance on volatile international energy markets and hostile foreign regimes.

This will cut bills, cut emissions, and cut our dependence on foreign imports, safeguarding our long-term energy security, supporting families with the cost of living, and delivering on the Prime Minister’s pledge to grow the economy.