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Climate Change Bill [HL]

The amendment would cause disruption to the pattern of business and investment. Their offsets from trading would not count towards the UK target. I emphasise the phrase ““the practical effect””, which I have in front of me—I am not splitting hairs over this—as the practical effect would be to stop trading straight away. The consequences of stopping would probably have a major impact on investments relating to creating a low-carbon economy—the very point that the noble Baroness and I agree on. The point I made to the noble Earl, Lord Onslow, was that new, successful businesses, new investments, new assets and new resources will be created in this country as a result of these targets and that that would be put severely at risk because of the disruption of the practical effect of the amendment. That is the simple answer.