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Border Carbon Adjustment Tariffs and Decarbonisation

The hon. Member recognises that we are on a journey in our decarbonisation of industry. I would be delighted if I managed to persuade the Minister to accept this one element of the policy without rewriting the entire economic agenda for the next period, but it is clearly true that, over time, we will be moving away from petrochemicals, and the economic case—the business case—for subsidising what will soon become stranded assets becomes less and less clear.

Our hosting of COP26 would be the perfect forum to crystallise these disparate movements that we have already identified around the world into a coherent whole. What better objective for the conference could there be? Politics is full of mis-steps and compromise. Very rarely do the stars align in favour of a truly inspiring act of political and economic leadership—one that can transform the future of our country and the world for the better.

The stars are aligning for border carbon adjustments, if only the Government will believe in the Prime Minister’s vision of a post-Brexit Britain and be bold.

5.53 pm