Climate Risk Models

Debate between Baroness Vere of Norbiton and Lord Lilley

Thursday 25th January 2024 Lords Chamber

[Baroness Vere of Norbiton (Con)]

Of course, my officials and those who work for the independent regulators will look at all evidence, and one often finds that it is very conflicting. The challenges of the models used have been clearly established. There is a higher number of independent transmission channels than previously thought and a lack of historical data; and, of course, one has to anticipate a firm’s reaction to climate change over the longer term. All those things are being considered. This is an evolving science, as I think all noble Lords will agree. However, I go back to the NGFS, of which the Bank of England was a founding member: it consists of 134 central bankers and supervisors from around the world, who are all working together to improve the available scenarios.

[Lord Lilley (Con)]

My Lords, is my noble friend the Minister aware that the economic chapter of the IPCC report on climate change begins:

“For most economic sectors, the impact of climate change will be small relative to the impacts of other drivers … Changes in population, age, income, technology, relative prices, lifestyle, regulation, governance, and many other aspects of socioeconomic development will have an impact on the supply and demand of economic goods and services that is large relative to the impact of climate change”?


Why is the Bank of England fussing with this, rather than concentrating on the real problem of avoiding financial crises such as occurred in 2008?

[Baroness Vere of Norbiton (Con)]

No, I do not quite agree with my noble friend, because the Bank of England has a responsibility to look at all risks. He pointed out many risks that are not climate related. However, underlying all of this is that all those risks—and, indeed, climate risk—are interdependent. One cannot single out one at the expense of others; one has to consider them all in the round. That is why we make it clear when we correspond with the Bank of England and the independent regulators that climate risk is just one of the many risks to our financial system that need to be considered.

Airports National Policy Statement

Debate between Baroness Vere of Norbiton and Lord Lilley

Monday 18th January 2021 Lords Chamber

[Baroness Vere of Norbiton (Con)]

I agree with my noble friend that this year is very important in terms of ensuring that we capitalise on our role as president of COP 26 and establish the sixth carbon budget in law, which will be done by June 2021. The role of international aviation within that is being very carefully considered by my department.

[Lord Lilley (Con)]

My Lords, of all the ways of restricting carbon dioxide emissions from air travel, is not restricting the capacity of airports the silliest? Its main consequence would be that more planes would be stacked up above busy airports, using more fuel, and all other flights to those destinations would have to carry more fuel just in case they were stacked up too.

[Baroness Vere of Norbiton (Con)]

I agree with my noble friend that there are many ways that we can tackle carbon emissions. He mentions stacking. That is why we are taking forward the airspace modernisation plan, which will have capacity benefits for airports, reduce costs for airlines and reduce delays for passengers—because stacking will become a thing of the past.

Freight Industry: Delays

Debate between Baroness Vere of Norbiton and Lord Lilley

Thursday 17th December 2020 Lords Chamber

[Baroness Vere of Norbiton (Con)]

I reassure the noble Lord that we are working very closely with the Kent Resilience Forum and, indeed, with all the operators of the various contingency elements within Kent. We are looking at this and making sure that there are sufficient lavatory arrangements, that the sites are Covid secure and that drivers’ welfare is as good as it can be.

[Lord Lilley (Con)]

Can my noble friend confirm that delays at Dover are not unusual? On average, Operation Stack has had to be implemented 11 times a year over the last 20 years. In 2015, it was in operation for 23 consecutive days and queues of 7,000 lorries built up, with delays of 35 hours. It did not bring the United Kingdom to a halt, and nor will any teething problems with the new system. It did not attract much attention from those who now weep salt tears, with almost ghoulish delight, in anticipation of any problems that may temporarily occur.

[Baroness Vere of Norbiton (Con)]

It is the case that traffic across the short straits is very frequent. There is a large volume of it and when small incidents occur, back-ups can happen. Actually, at this moment we are facing not only post-Covid freight movements but pre-holiday stock building, end of transition period stock building and increased spending on consumer goods. So, while we recognise that these factors will play an important role as we head into January, I believe that, if hauliers and traders are ready, we can minimise any delays.

Airport Expansion

Debate between Baroness Vere of Norbiton and Lord Lilley

Monday 2nd March 2020 Lords Chamber

[Lord Lilley (Con)]

My Lords, this is a bizarre judgment, given that the previous court ruled that the Paris judgment was not legally binding, but is not the real root of the problem the fact that we have made these targets legally binding? When the climate Bill went through Parliament, I voted against it and pointed out that the sole effect of enshrining targets in statute would be that the Government’s policies would be open to judicial review. It is bizarre that judges should decide on policies costing billions of pounds without being accountable to the electorate for the costs that will be incurred. That fills with me foreboding, and that foreboding has proved to be justified by this strange ruling. Should we not cease to have legally binding commitments and make these decisions politically by the Government and Parliament of the day?

[Baroness Vere of Norbiton]

I thank my noble friend. The Government stand by their decision to legislate that this country will be net zero by 2050, and what we have been able to achieve in terms of the decarbonisation of our energy system has been very significant. It is now time to turn to transport, and I believe that we can do it.