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Climate Change

My Lords, the summary makes it clear that if we act now, it need affect only 1 per cent of GDP and will not stop growth of the economy. That is one of the central messages. I heard Sir Nicholas say this morning that if we act now, growth is not at risk. There is a one-off 1 per cent change, so there need not be damage to the economy. I believe the Statement only referred to aviation in the European emissions trading system. There are many complaints about people flying short journeys when there are perfectly adequate railway networks; the argument against that might be that the railway networks are expensive, but that is because the flights are not paying the full cost of the carbon damage to the atmosphere. That is what this is all about: putting a price on carbon, so activities are charged for the cost they impose on the planet.