Rt Hon Lord Lilley

    Lord Lilley: Does my noble friend agree that the sensible path to net zero, the path we have always adopted, is to steadily reduce and phase out demand for fossil fuels, not supply of fossil fuels? If businesses choose to invest in producing coking coal or any other fossil fuel in excess of the demand—because it is declining, as my noble friend Lord Deben has predicted—they will lose money. However, I do not share his tender concern for their shareholders. If the UK unilaterally bans production of fossil fuels, which would be a bizarre thing to do when we do not ban the import of fossil fuels, other people will step in and supply those fossil fuels both here and abroad. If the world as a whole restricts supply faster than we phase out demand, there will be shortages, prices will shoot up and fossil fuel producers will make huge profits. We will have done to ourselves what Putin has just done to the world, in a few years’ time. Is that what those who oppose this mine want to achieve?

    Baroness Scott of Bybrook: I thank my noble friend for that. I could not have said it any better, or anywhere near as well as he has said it.