EU: Emissions Trading Scheme

Lord Brooke of Alverthorpe Excerpts

Thursday 3rd February 2011 Lords Chamber

[Lord Marland]

We are not going to do a lot about other people’s registries at this point but I can confirm that there will be a single European registry in 2013 which I think will iron out a lot of problems. I hope the leadership and direction that we have shown with our own registry will become the benchmark for the single European registry, and again I commend the work of our agencies and Government in securing this very fine example.

[Lord Brooke of Alverthorpe]

Is the Minister aware that, in 2008, Sub-Committee D of your Lordships’ European Union Committee undertook a review of the revision of the European Emissions Trading Scheme and that it produced a significant amount of evidence, part of which was from bankers who themselves complained about the inadequacy of the regulation governing ETC trading? Will the Minister look at that report? He will see that the concern is not solely about cyberattacks but also about the fundamentals of the scheme, as the noble Lord, Lord Lawson, identified. Will he also check to see whether the FSA is doing a proper job on it?

[Lord Marland]

As I said earlier, my Lords, the reality is that we have a pretty tried-and-tested system. We should not be complacent, but there is no point in going backwards in reviewing things. I want to look forward in our review to make sure that in the current environment we have an even more secure process. For your Lordships’ information, BarCap, one of the major traders in this scheme, has said that this is the best scheme in Europe. That is a very good starting point for us.