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Fourth Carbon Budget

For every report that reaches the sort of the conclusion that the hon. Gentleman is suggesting, I can point him to other reports that suggest exactly the opposite. The OECD, which is probably the most respected and authoritative of international economic organisations, has done some very good work on green growth. We have had a very important study from Potsdam in co-ordination with a number of leading economists from Oxford and elsewhere that suggests that there are positive growth effects through investment and learning by doing. Recently, I received a very important note from Professor Nick Stern—Lord Stern—arguing that the attempts to see his report as imposing costs on the economy were simply mistaken. He feels very strongly that the move to low-carbon goods and services involves enormous opportunities and that the increase in investment involved can help to power us out of an exceptionally deep recession. That is perhaps a long answer to show that when two economists are in a room, there are sometimes three opinions. None the less, the balance of argument is very much against the hon. Gentleman's point.