Carbon Emission Reduction Targets

Baroness McIntosh of Pickering Excerpts

Wednesday 5th December 2018 Lords Chamber

[Lord Henley]

My Lords, we believe that it is important that executive pay should be a matter for the companies involved. That is why we leave it to them and why we have given powers to shareholders in the Enterprise and Regulatory Reform Act 2013 to insist, as I said in my original Answer, that they have a binding vote on directors’ remuneration policy. In striving to meet carbon reduction targets, the Government will continue to encourage others to do the same, but that must be a matter for the companies.

[Baroness McIntosh of Pickering (Con)]

My Lords, does my noble friend agree that this is not just about the principle of executive pay, but that we should all be committed to reducing carbon emissions? How does my noble friend square the fact that if fracking continues in the United Kingdom, we will increase our greenhouse gas emissions and therefore create more carbon emissions?

[Lord Henley]

My Lords, I do not agree with my noble friend. I believe that there is a very strong case for encouraging shale gas extraction not only in terms of energy security but also in terms of reducing our carbon emissions. It will lead to less use of other, more harmful sources of energy. It can play a role in both reducing carbon and increasing our energy security.