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Climate Change Bill [Lords]

I strongly agree with the hon. Gentleman; indeed, London is already the global centre for the international trade in carbon. I meant to say carbon credits—both carbon and credits. By no means all of the projects supported under that scheme are unreliable, but some of them are. The point is that we need to ensure that we are driving our domestic effort, as well as helping others around the world to contribute to their efforts. That is what is set out in clause 25. Ministers and other hon. Members may be aware of the joint statement put out on that very issue by WWF-UK and Scottish and Southern Energy in support of the clause. They state:"““A fundamental part of the ambition and purpose of the Bill is to provide a strong framework to guide a sustained decarbonisation of the UK economy.””" They add:"““Relying significantly on emission reduction which take place overseas could influence long-term investment decisions here in the UK, particularly in the power sector—locking the UK into a high carbon economy for years to come””." The approach adopted by Scottish and Southern Energy underscores the vital commercial case for setting a framework in the Bill that will give investors the confidence that they need to take the bold decisions that will be needed to drive a dynamic, low-carbon economy, creating green growth and prosperity, and enabling the United Kingdom to take an international lead.