Carbon Emissions: Offsetting

Part of the debate – in the House of Lords at 2:45 pm on 19 June 2007.

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Photo of Lord Rooker Lord Rooker Minister of State (Sustainable Farming and Food), Department for Environment, Food and Rural Affairs, Minister of State (Department for Environment, Food and Rural Affairs) (Sustainable Farming and Food), The Minister of State, Northern Ireland Office, Deputy Leader of the House of Lords 2:45, 19 June 2007

My Lords, the point of the noble Lord's question is right and the broad answer is yes. There has to be clarity and transparency. The fact that people now raise questions about carbon trading and offsetting shows that there is a degree of transparency in the system. This is a booming business. In 2005, the voluntary market accounted for less than 10 million tonnes of carbon dioxide equivalent. The estimate is that it will be 400 million tonnes by 2010. Huge amounts of money and transfers will take place. It is right that people know they are getting value for money. The issues raised in the Financial Times and the Guardian in the past few days have to be addressed so that people can trade with confidence.