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Climate Change Bill [HL]

Another connection that could be helpful to the noble Baroness, although I do not think that it is quite in the terms of her amendment, is the European context. I have spent an hour this afternoon reading the European Union communiqué, Boosting Growth and Jobs by Meeting our Climate Change Commitments. It says that the Commission estimates that the revenue from the auctioning of emissions trading could hand over to developing countries about €50 billion annually by 2020. That is not peanuts—it is something like the whole of the aid budget—and 2020 may be in the lifetime of some people in this Chamber. So there obviously is going to be a European stream of accounting mechanisms dealing with these huge sums of money.