My Lords, the noble Earl has presented a view of the report that he and I were both party to, as indeed was the noble Lord, Lord Cameron—and I think that I saw the noble Lord, Lord Maclennan, come in just now. Does he not agree that the major conclusion of that report was that, whatever the technology, what industry requires in order to invest the sums of money that are needed in European energy is greater regulatory and policy certainty? Part of that must surely be to establish the trajectory of the decarbonisation pattern that Europe and the UK are embarked on.
There is now more evidence that we have more of shale gas than perhaps we thought a few months ago. Whether it is extractable at commercial prices and over what timescale is as yet unclear. But the point about shale gas is twofold. First, shale gas can help to contribute towards faster decarbonisation if it displaces coal and oil, but not if it delays the adoption of nuclear or renewable technologies. Again, it depends on the framework in which we are operating. The second thing that the report suggested and emphasised strongly,
as I am sure the noble Earl will agree, was that shale gas plus carbon capture and storage could be a major contributor to decarbonisation. If we do not get carbon capture and storage into the 2020s, we have no chance of reaching that target, but shale gas is not necessarily the enemy of that target and could indeed be supported by it.