Sir Alok Sharma questions the Government on discussions with the US on critical minerals, which would allow UK companies to gain access to the financial support available in the Inflation Reduction Act, on which other blocs such as the European Union are already doing deals.
Clean Energy Technologies: Private Sector Investment
Sir Alok Sharma (Reading West) (Con)
11. What steps he is taking to help increase private sector investment in clean energy technologies. (904480)
The Minister for Energy Security and Net Zero (Graham Stuart)
Our “Powering up Britain” plan seizes opportunities from our transition to a decarbonised energy system. Our policies, backed by billions of pounds of Government funding, will leverage around £100 billion of private investment and support up to 480,000 jobs in 2030. My right hon. Friend is absolutely right to highlight the importance of unlocking that private investment if we are to deliver our net zero ambitions.
Sir Alok Sharma
One of the ways to ensure more private sector investment is to support UK companies to export to key markets. With that in mind, will the Minister update the House on any discussions between the UK and the US Governments on critical minerals? Is he confident that there will be an agreement between the UK and the US on critical minerals, allowing UK companies to gain access to the financial support available in the Inflation Reduction Act, on which other blocs such as the European Union are already doing deals?
Graham Stuart
I thank my right hon. Friend for his question. He shares my enthusiasm for leading the world in meeting our net zero challenge and, by doing so, developing technologies and then being able to export those solutions. He is right to highlight issues following the Inflation Reduction Act in the United States, and making sure that in the negotiations with the US and other partners, critical minerals and other issues are dealt with. We are engaging solidly and I know my right hon. Friend was in Japan only last week, talking to Secretary Kerry about that point.