Dr. Rory O'Donnell:

It is a difficult question for us to pronounce on. In general, there is a strong view internationally that carbon taxes at the level they tend to be set are doing more work raising revenue than dramatically changing the use of fossil fuels and that part of that revenue is a resource to address climate change through other means, whether by supporting research and development on clean energy or by doing the kinds of things the Deputy referred to. In general, there is a kind of logic in that but, at the same time, we are aware of how sensitive the issue of hypothecation of taxes seems to be within the system. We would be reluctant to make a firm statement on that because there are so many other calls. As I said, in a general sense, there is a logic in seeing revenue from such sources as a resource to address the problems, but I am reluctant to take a strong view on hypothecation.