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Climate Change Bill [Lords]

I will not, I am afraid. Anyone filling their car at the pumps, anyone with a heating bill to pay, anyone with an electricity demand popping through their letterbox is right to be worried by the relentless rise in the price of fossil fuels. This evening, the spot price for oil stands at a record high of $139 a barrel. Some analysts at Goldman Sachs speculate that a barrel of oil could hit $200 by December. Today, the spot price of coal hit $175, a staggering increase from just $63 two years ago. Gas now stands at $77 per barrel of oil equivalent, up from $29 in 2007—an increase of 166 per cent. in just over a year. Whatever the short-term price fluctuations, it is absolutely clear that the era of cheap fossil fuels is over—a sentiment echoed this morning by the chief executive of BP. We will not just stumble on replacements for hydrocarbons or easily wean our businesses and consumers off dependence on oil and gas; that will require clear leadership from future Governments. The Bill is an important step in that direction, which is why the CBI strongly supports it and considers it to be a critical tool for making climate change an urgent, shared national priority for companies, consumers and Government.