The Carbon Trust heard its inaugural lecture delivered by Adair Turner, vice chairman of Merrill Lynch
Turner addressed a number of key issues including the success of the climate change levy, and implications of the government's energy White Paper.

Adair examined the White Paper as though it were an annual report of a company to shareholders. He commented that he felt uncertain whether there were really robust strategies in place to achieve its objectives.

But he added that he was worried by the appearance of a footnote in the Paper which said that performance had been heading away from the government's 2010 targets. "I would be concerned to note that the latest estimated impact of Kyoto across all countries is now a 2% reduction – not the 5% initially intended."

Adair added "I applaud the overall sense of direction, but am left uncertain whether we have robust strategies in place to get us there." He also called called for a clearer sense of direction on taxation, transport and the role of Europe.