Downing Street Says » Climate change

Today we are doing an event with Lord Browne of BP and the Governor. The key subject is climate change, and I think what you will find is that we will be announcing at that meeting that California and ourselves are going to investigate whether we can cooperate on climate change, in particular whether we can cooperate on an emissions trading scheme. There are also four other areas particularly, or four areas in detail, of collaboration that we want to look at. One is on market-based mechanisms, lessons learnt from the UK in the emissions trading scheme and consider any linkages with California; secondly is on the economics of climate change and how we can share information and research we have done; thirdly, on the science of climate change, sharing … of regional impacts and so on; and finally on technology, trying to develop a partnership on clean energy technology, low cost technologies.

Now why are we doing that? Well at this event there will be companies that have an enormous global reach, and while it will be markets, not governments that will decide which technologies are chosen in the future, governments can give clear, credible and long term signals to the market, which will enable companies to develop the technology that will result in cleaner technology, more energy efficient technology. If you think about it, China is still opening one new coal powered station each week, that gives you an indication of why we have to invest in clean technology. But companies will not invest in clean technology unless they get a clear signal from governments that they are going to introduce policies which do result in reductions in carbon emissions and so on.

It is worth just noting one fact. We estimate that worldwide between now and 2030 there will be some $17 trillion worth of investment in energy facilities of one kind or another. Those energy facilities will last for 25 years. So in other words you are talking about whether those technologies facilities are more energy efficient, do produce cleaner energy and therefore help combat climate change, but it will only happen if governments give the right signals to the market. Now all of this is clearly pointing forward to the continuation of the dialogue that we began on this subject in Gleneagles, and that will be in Mexico in October.

Just a couple of other things on that. California attracts some $339 million worth of venture capital for clean technology. And in terms of China, California has made close ties with China. Last year it signed agreements with two provinces to share best practice on energy conservation, and it has introduced legislation here to reduce transport emissions and a 20% renewables requirement by 2017.

Now I don’t think I am giving away too much if I say that one of the subjects that the Prime Minister discussed with the Governor when he met him yesterday at the News Corps event was how you combine an economy which is growing and innovating and developing, with one that is also environmentally aware and is actually pushing back climate change. So that is one of the things that we have in common here.

A couple of things Tom. We are saying we are going to … for linking the trading mechanisms, but we are obviously part of the European scheme and we couldn’t link that to California without going all through the European process. Now are we talking about some sort of voluntary agreement and is there anything actually set in train, or is this just a sort of aspiration?

Now as I understand it, in the States they don’t have an emissions trading scheme so far, so at the very basic level California wants to learn of our experience in terms of running our emissions scheme in Europe. We also however think that it is worth exploring whether there can be any formal linkages between the EU scheme and California. Now clearly we can’t dictate to our other EU Partners, but it is worth at least scoping that to see whether that is possible.

… do you have any words from the Prime Minister that he will be making at this event?

No, I don’t have any words at this point I am afraid. But can I just emphasise that the Prime Minister clearly identified this as a priority for G8, it is an issue which he has continued to work on throughout the year, he does regard it as one of the priorities for himself and for the government.

Let me find my list. Right, it is the Prime Minister and the Governor, it is Lord Browne, it is Richard Branson of Virgin, it is John Bryson of Edison International, Dan Hendricks of Interface, Charles Horday of Dupont, Anthony Pratt of Pratt Industries, Jim Rogers of Duke Energy and Tracy Wolstencroft of Goldman Sachs. There are others there as well, but those are the main people.

… the UK has seen carbon emissions actually rising over the last few years, and you have got Richard Branson of Virgin there, isn’t there a sense that this is actually just a PR exercise given that there are no concrete steps to tackle things like …

The answer to that is two words: look at the energy review, look at the practical steps we have taken in that. If the energy review is just a PR stunt then I think it is, shall we say a lot of work went into a PR stunt.

When are we going to see the Prime Minister take some personal steps on helping climate change? I always see him being driven around London in gas guzzling 4 x 4s, … 5 miles to the gallon or whatever.

John Craig wants the Prime Minister to ride round Westminster on a bicycle. Unfortunately security is an issue and security is an issue the Prime Minister well wishes he could do without, but it is an issue and he has to take the advice of his security advisors.

But he could use more environmentally friendly vehicles than the ones he uses, couldn’t he?

Nuclear energy I have no doubt will be part of the discussion, and I think what has been interesting is both at the G8 and here people have not only been aware of our energy review, but believe that it is a very serious piece of work, and it is increasingly being used as a reference point for discussions on this issue.

It is a big cities initiative, it is about cities talking to each other about energy and so on.

On these government to government things … share best practices, is that government to government?

Well the private sector’s role is in actually developing the technology. Government can’t develop technology, what government can do is create the conditions in which companies think there is a long term commitment to this issue, and therefore invest in the research, and that is why the $338 million worth of venture capital in California is important. You have actually got to persuade companies that it is worth investing in this sufficiently in the long term to produce the clean technologies and how you step that up. But that will be a major part of the discussion he has today at this event, is with the companies, how can we encourage them to develop the technology faster? Because if China is producing one new coal powered station a week, you have to try and get the technology into those power stations as quickly as possible.

Our differences with the US administration are well known on this. However, what we have said is that what President Bush has talked about is energy security. Now energy security, the answers to energy security are very similar to the answers on climate change.

Is this not a way of us circumventing Federal objections in America, by doing it state by state?

No, the important thing is that you work with people who are like-minded and interested in pursuing the same sort of things where you can, and we will, whether the subject is stem cell or whether the subject is climate change.

I come back to the question of the Prime Minister’s travel. Some government Ministers have got the Prious (phon) cars, or whatever they are called, haven’t they? I think even John Prescott has got an environmentally … Are you telling us that the Prime Minister has made absolutely no concession whatsoever to try and be more fuel efficient in his transport?

John, have you ever tried to open the door of an armour plated car? That is your answer.

Tom, very quickly, has the Prime Minister ever actually watched any of the Governor’s films, and if so do you know what he thinks of them?

Funnily enough I haven’t had time to ask him that in the last few days. Any serious questions in London?

I have said I would refer you to the department, I am not going to get involved in that.

2 Comments »

Right. A discussion on climate change with the boss of BP. There’s no possible conflict of interest there, now is there?! A bit like asking a British or American politician to give an impartial opinion on Israeli agression in Lebanon… Come on, look at that one sentence; \xA317 TRILLION woth of investment over the next 25 years. With sums like that, does anyone REALLY think that the ENVIRONMENT is actually going to get a look-in?! Apart from maybe to think about ways to exploit it yet further… P-u-h-lease!!! Someone stop the world, I wanna get off…
Comment by SmokeNMirrors — 2 Aug 2006 on 5:04 am | Link
The model feels their relationship is worth fighting for. Yet it depends on there being no more sordid “revelations” about the 60,000 per week player.
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Comment by Bogner Down Jacket Lady Windschirm Regelmäßige — 15 Jan 2016 on 11:05 am | Link

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» Monday, July 31, 2006

Climate change

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