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Energy: Renewables

Volume 716: debated on Tuesday 5 January 2010

Question

Asked by

To ask Her Majesty's Government whether they will allocate a proportion of the tax revenues from oil, gas and coal to a fund to develop efficient technologies for renewable energy. [HL575]

Tax revenues from oil, gas and coal are pooled in the Consolidated Fund so that the public spending they finance can be prioritised across all government activities in the most efficient way.

During the current spending period (2008-11) government policies are helping to drive over £6 billion of investment in renewable technologies. Additionally, at Budget 2009, the Chancellor announced a package of measures to remove tax barriers to projects that re-use North Sea oil and gas infrastructure for other activities, such as carbon capture and storage.