The Environmental Audit Committee sought views on how the UK can reduce reliance on oil and gas and accelerate the transition to net zero for their inquiry into ‘Accelerating the transition from fossil fuels and securing energy supplies in response to the surge in fossil fuel prices’.
In our response we outlined the need for immediate and near-term support for consumers through a focus on demand-side measures to target the key source of our major energy security vulnerability: inefficient housing. We considered how demand-side measures would lower bills through the cost-of-living crisis and in the context of volatile energy markets.
While we welcomed the drive for renewable generation announced in the Energy Security Strategy, our response explains the missed opportunity for onshore wind, which is the quickest and cheapest generation. We also supported the prospect of a windfall tax levied on the additional and unexpected revenues of fossil fuel extraction companies as a proportionate action in the cost-of-living crisis.
Our response further explored how government can phase out support for fossil fuels while most effectively supporting households through the transition via the provision of a nationwide advice service.