I am nearly finished.
The reasons given in the Explanatory Memorandum for continuing with budgetary insurance are no longer convincing. Sufficient flexibility must be managed through domestic commitments; offsetting is not a sustainable way forward. Unforeseen circumstances cannot provide a justification, and the UK has not previously contributed to the development of the global carbon market with any impact. The opportunity to purchase credits will only diminish as the world steps up with commitments to decarbonise. Consider the damage that would ensue should the Government need to go ahead with a carbon credit. They must self-insure and develop robust policies and plans to meet all the carbon budgets with clarity and certainty.
This is a missed opportunity that the Government could have taken as a decisive step, in this decisive decade, toward emissions reductions. This conclusion was also recognised by the noble Baroness, Lady Jones, in her remarks. The 2030 NDCs submitted at the
UNFCCC last December should have set the tone. The sixth carbon budget will require more ambition and the pace of change to accelerate over the coming years. The confidence that could have been set by a zero-credit limit in this order needs to be corrected by the determination and announcement of policy developments before COP 26 later this year. I look forward to seeing the UK outperform and deliver. Labour understands the size of the task. The challenge is set.
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