My Lords, it is always a pleasure to hear two maiden speeches. I particularly appreciate the speech from the right reverend Prelate, who pointed out the yawning gaps of inequality of this country.
Trade affects us all, and I believe the Government will be taken aback by the power of public opinion in the next few months, as campaigns are unleashed in which people say that they do care about what they buy and where it comes from. As a nation we import a great deal—several billion pounds more each month than we export. Therefore, what we buy in the shops is down to all of us, and we care about it.
I appreciate that it is important to have as many agreements as possible in place by the end of the year, but it is crucial that these do not result in an increase in our global emissions. We face a particular risk here as the biggest net importer of CO2 emissions per capita in the G7—it makes up 43% of our emissions. If we are to reach net zero, we have to do more than just think about it. We must take active steps; we cannot load other people with this problem. As has been noted, the appointment of Tony Abbott to his job is not a good sign in this direction.
I welcome the announcement the other day by the noble Lord, Lord Goldsmith, of a review of diligence in terms of deforestation; this is a good thing. The lungs of our planet have been considered fair game by us all for a long time—a free for everybody type of parking space. However, this due diligence needs to extend to a full sustainability impact assessment across all international agreements. If we can do that, the points mentioned by my noble friend Lord Alton would also get picked up by Parliament.
Only with a sustainability impact assessment will Parliament be able sufficiently to scrutinise trade deals against our current obligations made under the Paris Agreement and the Climate Change Act. These are not notes on the back of a postcard; they are agreements to which we have signed up. We have to do this; we cannot fudge around. SIAs will also create really good incentives for countries that wish to trade with us, so that they too stop turning a blind eye to production methods directly and indirectly accountable for high emission levels.
If we have good SIAs, we would be able to incentivise all carbon-neutral trade through tariff systems which recognised these benefits. We all know that, in the long term, low-carbon products work out cheaper. They are cheaper financially, and they are cheaper and better for all of us.
To quote a recent report by the Aldersgate Group:
“Long term certainty that the UK’s trade policy will be coherent with the net zero emissions target”
is essential to attract private investment. That is true, and this is our golden opportunity to do it.
We led the world in the Industrial Revolution, and we must lead the world in this green revolution. It is not just that our children will love us for it—they will hate us if we do not.
3.10 pm