My Lords, as noble Lords may be aware, I have strong reservations about the Bill but on this issue I side with the Government. The agenda to which we are working had its genesis 10 to 15 years ago when continued growth in the world seemed secure, real incomes were rising, global temperatures were tracking quite closely the rise of CO2, which is not the case today, when there was optimism about an international agreement, public money to fund the expansion of renewables was plentiful and peak oil was pretty much a received wisdom. None of that is true today. Indeed, the world is still in a state of flux. Therefore, a moratorium on specifying new commitments seems a sensible response.
The noble Lord, Lord Oxburgh, referred to infirmity of purpose. Some would say that there is such infirmity, partly for the reasons given by the noble Lord, Lord Stephen, partly because the world is uncertain, but, principally, because the Government have not yet made up their mind on how to resolve the trade-off between conflicting objectives. Until they do that, they cannot make this commitment sensibly.
We have impaled ourselves on a set of targets and timescales that are forcing us in desperation to undertake a number of responses that we could avoid if we had a more measured view of the sense of urgency. It is a truism that in commercial negotiations, the party with the deadline is the one in a weak position, yet we are engaged in probably the biggest commercial negotiation the Government have ever undertaken, with a variety of energy suppliers. We should not allow them to exploit this urgency, which is what is happening at the moment. For those reasons, the Government—not just out of political funk but for good reasons—are delaying the timing of these commitments.