Jacob Rees-Mogg took to Twitter soon after his appointment to say: “I look forward to serving the Prime Minister and the country during the challenging times ahead.”
But what does that mean for attempts to replace a reliance on fossil fuels with renewable sources of energy including nuclear, offshore wind and solar energy?
Optimism was on the low side for those who immediately responded to the announcement.
Caroline Lucas, leader of the Green Party was one of the first politicians to giver her opinion, on the appiontment of a politician who is ‘fossil-fuel loving and de-regulation obsessed’ – saying on Twitter:
And Ed Miliband, Shadow Climate and Net Zero Secretary urged Rees-Mogg to remember: “We need energy policy for the 2020s not the 1820s’:
Greenpeace had a simple message: ‘Jacob Rees-Mogg is the last person who should be in charge of climate and energy.’
What’s his stance on renewable energy?Mr Rees-Mogg, who was an opponent of a windfall tax on energy firms, will also come under scrutiny over his green credentials given the energy remit of his role.
He has previously warned against “climate alarmism” and said he wants his constituents to have cheap energy “rather more than I would like them to have windmills”.
Liz Truss has agreed to the UK’s 2050 net zero targets but the new Business Secretary is also expected to help lead her plans to re-start fracking for shale gas in the UK.
However, the new Prime Minister Liz Truss has been warned by The National Infrastructure Commission (NIC) and the Climate Change Committee (CCC) that natural gas reserves are not enough to solve the problem.
They urge her to prioritise energy efficiency, low carbon heat and renewables in the face of the current cost of living crisis.
The open letter is co-authored by NIC Chair Sir John Armitt and CCC Chair Lord Deben.
It reads: “The UK cannot address this crisis solely by increasing its production of natural gas. Greater domestic production of fossil fuels may improve energy security, particularly this winter. But our gas reserves – offshore or from shale – are too small to impact meaningfully the prices faced by UK consumers.
“Energy security and reducing the UK’s exposure to volatile fossil fuel prices requires strong policies that reduce energy waste across the economy and boost domestic production of cheap and secure low carbon energy.”
Professor Joe Howe, Chair of the North West Hydrogen Alliance and Professor of Energy at the University of Chester said that Liz Truss and Jacob Rees-Mogg need to give a climate action plan ‘immediate attention’ to ensure momentum is not lost.
He said: “The new UK Government must ramp up its action on climate change – and central to this should be driving the hydrogen economy forward. We are calling for the new government to double down on ambitions and affirm their commitments to investment in green energy, accelerate net zero commitments, and ensure the stability of the hydrogen policy. This will provide confidence in the public and private sectors to get major infrastructure projects off the ground, in turn increasing energy security.”
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What’s his business background?The hardline Brexiteer and Boris Johnson loyalist, who is a product of Eton and Trinity College, Oxford, has long lauded his own financial acumen.
At seven years old, he invested £50 in the stock market, having been left the money by a distant cousin, he said in a recently unearthed 1982 clip from French TV.
The youngster, who was being driven in his father’s Rolls-Royce at the time, professed his love of money and how he enjoyed attending shareholder meetings.
Mr Rees-Mogg was brought up in a family steeped in the Conservative Party – his late father William Rees-Mogg was the editor of The Times newspaper for 14 years until 1981, before being made a life peer of the party seven years later.
His son was always open about his political ambitions but started his working life as an investment banker, with jobs in London and Hong Kong.
In 2007, he co-founded asset management firm Somerset Capital Management with a group of colleagues.
The firm currently manages about £6.9 billion worth of assets for institutions, including pension funds, from its bases in London and Singapore.
Mr Rees-Mogg stepped down as chief executive of the business when he was first elected a member of parliament for North East Somerset in 2010.
The former Brexit Opportunities minister has been described as a “sleeping partner” by his co-founders in recent years.
He was most recently described as owning “less than 13%” of the business but disclosed plans to reduce his stake to 5% by 2027.
Last year he took roughly £600,000 in dividends from Somerset.
Throughout his political career, Mr Rees-Mogg has largely espoused free market views and called for de-regulation, which he referenced in his opposition to the European Union.
In 2013 he was criticised after expressing support for zero-hour contracts, which he said gave freedom and flexibility to some workers.
His “traditional” views also include opposition to abortion and same-sex marriage.
Most recently, Mr Rees-Mogg has courted controversy over his long-running campaign to encourage civil servants to stop working from home after the end of coronavirus restrictions.
He also condemned the Financial Conduct Authority (FCA) after staff told bosses at the regulator that two days a week in the office is the most they can cope with.
Although this was greeted with anger by unions and opposition parties, it would be welcomed by many business and financial leaders he is set to meet over the coming months.
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