During an Urgent Question on the outcomes of COP27 on Monday 21st November, Wera Hobhouse, MP for Bath, told Business, Energy and Industrial Strategy Minister Nusrat Ghani that the Government must stop propping up oil and gas giants with subsidies and set out a timetable for phasing out fossil fuels.

Ms Hobhouse pointed out that by 2030, anywhere from $290 billion to $580 billion worth of damage to the Global South will be caused by climate change every year. When this is juxtaposed next to the size of oil and gas subsidies globally, it puts into stark terms how our choice to keep supporting fossil fuel extraction will have massive, far reaching consequences.

According to the IMF: Globally, fossil fuel subsidies were $5.9 trillion or 6.8 percent of GDP in 2020 and are expected to increase to 7.4 percent of GDP in 2025.

Wera Hobhouse MP told the BEIS Minister that the Government must stop these subsidies, which go on top of oil and gas producers’ record profits this year, and announce a plan to phase out the extraction of fossil fuels. Ms Nusrat, whose brief does not even include climate change yet was sent by the Government to answer questions on COP27, responded by saying the Government was focussed on Net Zero.

Wera Hobhouse, Liberal Democrat Climate and Energy Spokesperson MP for Bath, commented:

“The Government continuing to insist on supporting the oil and gas giants with subsidies whilst they make record profits is scandalous. Instead of using that money to set the country up for the future with a strong and world-leading green economy, it insists on focussing on the fuels of the past, fossil fuels.

“This thinking is completely backwards. A plan must be announced for how we are going to phase out fossil fuels which will protect people at home and across the globe. Without the Government taking the lead of this globally we are leaving millions around the world exposed and vulnerable. Until we get a grip and fully appreciate the enormity of this crisis, we will be failing in our responsibilities.”