Ed Davey and the Liberal Democrats in government have secured a good deal for households who are worried about rocketing energy bills. We have secured a good deal for investors who now have the certainty they need to create thousands of jobs in the UK. And we have secured a good deal for the environment by making sure we will finally move from fossil fuel to low carbon.
Chris Huhne and Ed Davey have been working on these reforms for two years. They will bring in an estimated £110bn investment and support an estimated 250,000 jobs in clean electricity industry and supply chain. I hope many of those jobs will be at Siemens and other South Manchester businesses. That boost to the economy had been put at risk by recent uncertainty, but the determination of the Liberal Democrats has paid off.
In this parliament, that means putting in place the legal framework that will bring about a once in a generation transformation of our electricity market from fossil fuel dependent to low carbon by 2030. This will help us meet our legal obligations to meet the 2020 European renewables target and reduce our emissions by 80% by 2050 as set out in the Climate Change Act – supported by all parties in 2008.
We have agreed that by 2020 we will triple the amount of support available for renewables, nuclear and carbon capture and storage, to make a reality of the reforms in the energy bill. The agreement will give investors in renewables the certainty they need that the UK is committed to a low carbon electricity market.
Of course, the Bill is not perfect. Green lobby groups, and Labour, will argue that we could have done more. I am, as you know, not a big fan of nuclear energy. What Labour, and their former Environment minister Ed Miliband has to do is explain why they didn't take some of these actions when they were in power.
Taking into account all polices, including energy efficiency, average household bills as a result of action taken by this government will be 7% or £94 LOWER by 2020.
Despite the arguments of those who would rather ignore the need to deal with climate change, Liberal Democrats have delivered a policy that means the UK will honour our legally binding climate change targets, keep the lights on and do it at the lowest cost to bill payers.