Climate Change Bill [HL]

My Lords, I cannot in the detail that the noble Earl asks me for; I can do so only in the sense that such trades already take place. I understand that London is probably doing 40 to 50 per cent of the trading from around the world. The noble Baroness said that the Environment Agency is the mechanism for dealing with certain aspects of that. In other words, we are not inventing the wheel as a result of the Bill. Such arrangements already take place. As far as I know, no one has come along complaining about the thousands of extra bureaucrats and massive extra costs that the noble Earl referred to because the system is new. It will not start with a clean sheet after the passage of the Bill. Such instruments, such mechanisms and such trading already take place and there has not been a massive call that it is an extra cost and lots of red tape.