in australia, it is worsening bushfires and floods and deadly heat waves. in the pacific, loss of land and homes to rising seas. we are now living in this age of consequences. but it s not too late to turn the ship around. the report also shows us we have to get emissions plummeting this decade, we need to halve global emissions by 2030, which means getting out of fossil fuels, coal, oiland gas, onto renewables as soon as possible. the solutions and technology are there, but we have to go much faster than we have until now. not everyone was on board with the language of this report over the weekend. explain what was being opposed, who was opposing it, and why? well, this is the most authoritative assessment we have, and the reason is not only all the science that goes into it, but it s an intergovernmental process to which the final document is agreed. that gives it a lot of power but it does mean countries come with their particular interests, so you see those with heavy fossil fuel
to tell him to leave and he was quite adamant to stay and get his job done anyway. so i just felt quite, i suppose, scared. british gas has since removed the metre, apologised to emily and suspended the agents involved. now some ask why centrica can t use its big production profits to lower retail bills. but competition rules prevent it from selling the energy it produces more cheaply to its own retail arm than other companies. the company paid £1 billion in uk tax last year including £52 million in recently introduced windfall levies and expects to pay £2.5 billion over the next four years. uk oiland gas companies now pay a tax rate of 75% on uk profits. labour said today that is not enough and urged the government to abolish rules that allow companies to offset new uk fossil fuel investments against those profits. centrica say they don t expect to ever make
public services, tax cuts. you can see the rate has slipped somewhat but it is three times as high as it was six months ago. what does that add up to? basically the government will have to find an extra £15 billion just to pay interest costs on existing debt, money that could be spent on the likes of schools and hospitals and pretty penny times. how has this impacted us all? we have to look at what has happened to the pound is notjust today but in recent months. one in £3 of imports are priced in dollars so we have to pay more for them because of the way the exchange rate moves and it has been enough to add 20% to price tags on things like american genes, oiland price tags on things like american genes, oil and gas, price tags on things like american genes, oiland gas, or getting more expensive. this lunchtime there are estimates out there that perhaps what we have seen under this government has meant £500 billion has been wiped off the value of our stock and bond markets, money tak
you know, the upstream price. we ve seen some stability there. it s been a big contributor to inflation over this past year. i don t think it will be as big a contributor to inflation next year because obviously inflation is relative, but these are quite high prices. i mean, even in the us, talking about $4 a gallon and higher and higher is politically significant, particularly now with the summer driving season. majid, do you think europe put too many of its eggs in one basket, in terms of energy? so in terms of a particular type of energy or.? oiland gas and relying on russia. so, actually, you know, every country in europe has a different mix. i think what we had seen here in this country, in the uk, of course they ve got north sea and they ve recognised more recently that they still need to be investing in that. other countries like germany,
scale that we should be. what if that cannot help people - scale that we should be. what if that cannot help people buy i scale that we should be. what ifj that cannot help people buy this winter, if it is not enough to bring down prices or into next year? the wa to down prices or into next year? the way to bring down prices or into next year? tie: way to bring down prices down prices or into next year? ti2 way to bring down prices the fastest is to dramatically invest in energy efficiency and stop wasting so much energy. fossilfuels efficiency and stop wasting so much energy. fossil fuels take years and years to come online, decades. they are the most expensive. we are currently importing hugely expensive oil and gas. currently importing hugely expensive oiland gas. if currently importing hugely expensive oil and gas. if wejust currently importing hugely expensive oil and gas. if we just stop wasting so much energy, through leaky roofs and, you know, old windows and things, then peo