There are established processes through which potential risks from stranded assets in the fossil fuels sector are managed.<\/p>
As recently as 8 July 2014 the Governor of the Bank of England wrote to the Chair of the Environmental Audit Committee on this issue saying that the Bank monitors risks to financial stability associated with a \u2018carbon bubble\u2019 through its regular gathering of information on financial stability risks.<\/p>
Furthermore companies are requested, through the Companies Act 2006, to report on their principal risks as part of their annual report & accounts. In the case of listed companies, the company must include, to the extent necessary to understand the business, the main trends and factors likely to affect the future development, performance and position of the company\u2019s business.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4070", "label" : {"_value" : "Biography information for Matt Hancock"} } , "answeringMemberConstituency" : {"_value" : "West Suffolk"} , "answeringMemberPrinted" : {"_value" : "Matthew Hancock"} , "dateOfAnswer" : {"_value" : "2014-10-21", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2014-10-21T16:33:21.5611759Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "63"} , "answeringDeptShortName" : {"_value" : "Energy and Climate Change"} , "answeringDeptSortName" : {"_value" : "Energy and Climate Change"} , "date" : {"_value" : "2014-10-14", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Fossil Fuels"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Energy and Climate Change, what the Government's policy is on stranded assets in the fossil fuel sector; and if he will make a statement.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3930", "label" : {"_value" : "Biography information for Caroline Lucas"} } , "tablingMemberConstituency" : {"_value" : "Brighton, Pavilion"} , "tablingMemberPrinted" : [{"_value" : "Caroline Lucas"} ], "uin" : "210565"} , {"_about" : "http://data.parliament.uk/resources/93176", "AnsweringBody" : [{"_value" : "Department for Energy and Climate Change"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/93176/answer", "answerText" : {"_value" : "
In 2013 the Intergovernmental Panel on Climate Change (IPCC) estimated that, if we are more likely than not to limit global average temperature rise to 2°C, the remaining permissible carbon emissions are 305 billion tonnes of carbon for the period 2011 to 2100, taking into account both CO2<\/sub> and non-CO2 <\/sub>forcing factors. Carbon within existing proven reserves of conventional and unconventional coal, oil, and gas were estimated by the IPCC in 2011 to be 1,053 billion tonnes.<\/p> Burning a greater proportion of fossil fuel reserves could be consistent with the 2°C goal if there was significant future global uptake of carbon capture and storage (CCS) technologies, to markedly reduce carbon dioxide emissions from fossil fuel plants at source. The Government\u2019s CCS programme aims to bring forward this technology at a commercial scale in the UK.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/3983", "label" : {"_value" : "Biography information for Amber Rudd"}
}
, "answeringMemberConstituency" : {"_value" : "Hastings and Rye"}
, "answeringMemberPrinted" : {"_value" : "Amber Rudd"}
, "dateOfAnswer" : {"_value" : "2014-10-21", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-10-21T14:14:54.6619614Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "63"}
, "answeringDeptShortName" : {"_value" : "Energy and Climate Change"}
, "answeringDeptSortName" : {"_value" : "Energy and Climate Change"}
, "date" : {"_value" : "2014-10-14", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Fossil Fuels"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Secretary of State for Energy and Climate Change, what estimate he has made of the proportion of existing global fossil fuel reserves that can be burned in order to achieve Government's international policy of limiting global temperature rises to below two degrees Celsius; and if he will make a statement.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3930", "label" : {"_value" : "Biography information for Caroline Lucas"}
}
, "tablingMemberConstituency" : {"_value" : "Brighton, Pavilion"}
, "tablingMemberPrinted" : [{"_value" : "Caroline Lucas"}
], "uin" : "210525"}
, {"_about" : "http://data.parliament.uk/resources/92520", "AnsweringBody" : [{"_value" : "Department for Energy and Climate Change"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/92520/answer", "answerText" : {"_value" : " Oil fields can qualify for field allowances when they receive initial or revised development consent. They are not granted to companies. The participators in each field that qualifies for a field allowance will hold a share of the total allowance for the field which may be activated by production income from that field. We do not track field allowances by company.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4070", "label" : {"_value" : "Biography information for Matt Hancock"}
}
, "answeringMemberConstituency" : {"_value" : "West Suffolk"}
, "answeringMemberPrinted" : {"_value" : "Matthew Hancock"}
, "dateOfAnswer" : {"_value" : "2014-10-20", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-10-20T11:00:48.0087363Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "63"}
, "answeringDeptShortName" : {"_value" : "Energy and Climate Change"}
, "answeringDeptSortName" : {"_value" : "Energy and Climate Change"}
, "date" : {"_value" : "2014-10-10", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Offshore Industry: North Sea"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Secretary of State for Energy and Climate Change, which companies have been granted field allowances for oil and gas production in the North Sea in the last 12 months; and what estimate he has made of the value of each such allowance to each such company over a five-year period.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3930", "label" : {"_value" : "Biography information for Caroline Lucas"}
}
, "tablingMemberConstituency" : {"_value" : "Brighton, Pavilion"}
, "tablingMemberPrinted" : [{"_value" : "Caroline Lucas"}
], "uin" : "210036"}
, {"_about" : "http://data.parliament.uk/resources/92522", "AnsweringBody" : [{"_value" : "Department for Energy and Climate Change"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/92522/answer", "answerText" : {"_value" : " We understand that 8 European countries have announced commitments totalling up to US $2.2 billion - including France, Germany, Switzerland, Denmark, Sweden, Norway, Czech Republic and Luxemburg. We also welcome announcements from developing countries \u2013 South Korea and Mexico recently announced pledges of $100m and $10m respectively.<\/p> We are currently finalising the details of a UK pledge. The UK recognises the importance of a successful initial resource mobilisation process, and is keen for the Fund to become fully operational as soon as possible. We aim to pledge before the Lima UNFCCC Conference of the Parties.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/3983", "label" : {"_value" : "Biography information for Amber Rudd"}
}
, "answeringMemberConstituency" : {"_value" : "Hastings and Rye"}
, "answeringMemberPrinted" : {"_value" : "Amber Rudd"}
, "dateOfAnswer" : {"_value" : "2014-10-17", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-10-17T13:35:16.1644281Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "63"}
, "answeringDeptShortName" : {"_value" : "Energy and Climate Change"}
, "answeringDeptSortName" : {"_value" : "Energy and Climate Change"}
, "date" : {"_value" : "2014-10-10", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Climate Change"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Secretary of State for Energy and Climate Change, what information his Department holds on the extent of contributions to the UN Green Climate Fund made by other European countries to date; if he will make it his policy that the UK should undertake to contribute at least one billion US dollars to the UN Green Climate Fund in advance of the COP20 climate talks in Lima in December 2014; and if he will make a statement.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3930", "label" : {"_value" : "Biography information for Caroline Lucas"}
}
, "tablingMemberConstituency" : {"_value" : "Brighton, Pavilion"}
, "tablingMemberPrinted" : [{"_value" : "Caroline Lucas"}
], "uin" : "210004"}
, {"_about" : "http://data.parliament.uk/resources/77931", "AnsweringBody" : [{"_value" : "Department for Energy and Climate Change"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/77931/answer", "answerText" : {"_value" : " We have used scenario-based analysis to illustrate a range of potential outcomes under each policy. For the changes to the FITs degression mechanism to support midscale building-mounted solar, the scenarios for deployment in 2020/21 are set out in Table 5 here:<\/p> https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/310432/2014-05-13_-_FITs_solar_consultation_IA_-_FOR_PUBLICATION.pdf<\/a>.<\/p> For increasing the maximum capacity ceiling to 10MW for community projects, the range of deployment under the scenarios is set out in Table 3 here:<\/p> https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/310416/impact_assessment.pdf<\/a>.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/3983", "label" : {"_value" : "Biography information for Amber Rudd"}
}
, "answeringMemberConstituency" : {"_value" : "Hastings and Rye"}
, "answeringMemberPrinted" : {"_value" : "Amber Rudd"}
, "dateOfAnswer" : {"_value" : "2014-09-01", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-09-01T09:32:17.1672075Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "63"}
, "answeringDeptShortName" : {"_value" : "Energy and Climate Change"}
, "answeringDeptSortName" : {"_value" : "Energy and Climate Change"}
, "date" : {"_value" : "2014-07-15", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Solar Power"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Secretary of State for Energy and Climate Change, what estimate his Department has made of the additional solar PV expected to be deployed to 2020-21 as a result of the measures proposed in the latest feed-in tariff consultation.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3930", "label" : {"_value" : "Biography information for Caroline Lucas"}
}
, "tablingMemberConstituency" : {"_value" : "Brighton, Pavilion"}
, "tablingMemberPrinted" : [{"_value" : "Caroline Lucas"}
], "uin" : "205721"}
, {"_about" : "http://data.parliament.uk/resources/77932", "AnsweringBody" : [{"_value" : "Department for Energy and Climate Change"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/77932/answer", "answerText" : {"_value" : " The Government may carry out a banding review of RO support in England and Wales for any technology at any time if certain legislative conditions are met. As indicated in our consultation document and impact assessment, it is not clear that any of the conditions are met to trigger a banding review of solar support at this time. These are available on DECC's web page:<\/p> https://www.gov.uk/government/consultations/consultation-on-changes-to-financial-support-for-solar-pv<\/a>.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/3983", "label" : {"_value" : "Biography information for Amber Rudd"}
}
, "answeringMemberConstituency" : {"_value" : "Hastings and Rye"}
, "answeringMemberPrinted" : {"_value" : "Amber Rudd"}
, "dateOfAnswer" : {"_value" : "2014-07-17", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-07-17T16:11:30.0250099Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "63"}
, "answeringDeptShortName" : {"_value" : "Energy and Climate Change"}
, "answeringDeptSortName" : {"_value" : "Energy and Climate Change"}
, "date" : {"_value" : "2014-07-15", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Renewables Obligation"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Secretary of State for Energy and Climate Change, for what reason a Renewable Obligation Certificate banding review for cuts to the large-scale PV Renewable Obligation band in 2015 and 2016 was ruled out as an option in the recent Renewables Obligation consultation.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3930", "label" : {"_value" : "Biography information for Caroline Lucas"}
}
, "tablingMemberConstituency" : {"_value" : "Brighton, Pavilion"}
, "tablingMemberPrinted" : [{"_value" : "Caroline Lucas"}
], "uin" : "205719"}
, {"_about" : "http://data.parliament.uk/resources/77933", "AnsweringBody" : [{"_value" : "Department for Energy and Climate Change"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/77933/answer", "answerText" : {"_value" : " The Government set out the measures it intends to take to promote deployment of solar PV in the UK Solar PV Strategy published in April:<\/p>