Energy: Fourth Carbon Report — Statement

Part of the debate – in the House of Lords at 5:15 pm on 17th May 2011.

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Photo of Lord Marland Lord Marland The Parliamentary Under-Secretary of State for Energy and Climate Change 5:15 pm, 17th May 2011

There are a number of costs floating around the place. The gross cost of the carbon budget over the five-year period is estimated at £7 billion. However, because we have the benefit of, and are keeping our options open on, utilising carbon trading, and because we have consistently established a surplus which we can trade into the market, and given a number of the domestic improvements that we are making through the Green Deal et cetera, we feel that figure can come down to £1.7 billion over five years. I think that noble Lords will agree that that is a very containable figure, given the opportunity of accessing an enormous market that will bring prosperity and jobs into the country. I hope that the benefit of that will far outweigh that figure.