L

Lord Whitehead (Lab)

Speaking in the House of Lords on 12 March 2026

Debate

Greenhouse Gas Emissions Trading Scheme (Amendment) (Extension to Maritime Activities) Order 2026

Contribution

It is not an impossibility for the next 15 years. Getting an accurate picture of trade always involves a range of calculations—you cannot get it exactly right. However, so far the impact of this proposed order has been assessed at below 1% of those costs; the Government do not recognise the figure of 6% put out by some parts of the industry. That is set against the gain that could come from those bodies being in the ETS, the alignment with CBAM in future and so on. I might add that, although the product of this particular entry into the ETS has not and will not be hypothecated—indeed, no British Government have ever hypothecated anything that has come into their coffers—what we need to judge it by is how much money has already gone out. Just last week, £271 million went out to further support the maritime industry in its transition to a low-carbon basis. The SHORE fund has several hundred million in it, including £18 million that has already gone to Northern Ireland. All of these are paying back the money that is going into the fund in the future, for the benefit of the maritime industry and its transition.

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