Simon Clarke, the Chief Secretary to the Treasury, said this morning that if investment plans from oil and gas giants do not “improve” then the Government could look at hitting them with a windfall tax (see the post below at 09.00).
His Cabinet colleague, Alok Sharma, the COP26 President, has now set out what the Governments wants to see. In short: Detailed quarter-by-quarter plans spelling out how money will be spent to improve the UK’s energy supply.
Speaking to Bloomberg at the World Economic Forum in Davos, Switzerland, Mr Sharma said: “I want to see in terms of the investment in the UK for these companies to set out quarter-by-quarter, just as these profits are coming through quarter-by-quarter, what their plans are in terms of delivering on a clean energy transition in the UK.
“It is a matter of transparency, it is a matter of fairness, they need to deliver on that, and of course if that doesn’t happen, then I think we have to keep all options on the table.”