Lorna Slater has committed to “reflect” on a damning report from a Holyrood committee on the finances of her circular economy legislation.

The Green Circular Economy Minister also committed to consider “obligations” for the construction industry to meet certain standards in the legislation amid concerns the sector is being let off while other parts of the economy will have to meet demands.

Holyrood’s Finance Committee published a report on the financial memorandum of the bill, warning the sums are “entirely unrealistic” and cast doubt on its “financial credibility”.

Read more: 'Entirely unrealistic': MSPs slam costs of Lorna Slater's latest plan

Ms Slater, appearing in front of Holyrood’s Net Zero Committee, said she is “happy to reflect on the numbers that have been flagged up”, adding that she will “make a determination as to whether an update is required”.

She added: “I very much welcome the finance committee’s report.

“I think it had some useful information in it.”

The minister moved to defend her government’s estimates in the financial memorandum.

She said: ”The information contained in that financial memorandum is the best information that we have.

Read more: Lorna Slater legislating 'by the back door' amid climate law fears

“The best estimates….were produced in consultation with local authorities and businesses where we have that information, by looking at the costs of parallel or roughly equivalent projects that we have undertaken in the Scottish Government, for example, using data from Zero Waste Scotland.”

The minister was also pressed over concerns that the construction industry is receiving a free pass in the legislation compared to other sectors of the economy, despite contributing to around 50% of Scotland’s total waste.

Deputy convener of the committee, SNP MSP Ben Macpherson, said: “If there’s not an obligation on the construction industry in the primary legislation in the same way that there are on individuals, I’m concerned about an imbalance there.

“As this Bill progresses, I would be grateful for a commitment from you and your officials that you will consider the evidence we have heard on the construction industry and what potential there might be as this Bill progresses for creating more significant obligations on that industry, given it’s such a high producers of the waste in Scotland.”

Ms Slater told the committee that she was “absolutely happy to consider that”.

She added: “I have spoken to the construction industry myself.

Read more: SNP MSP: Lorna Slater has 'no clue' over circular economy costs

“I spoke to the Institute of Architects last year and they were very keen, particularly on things like materials passports for buildings and matters around reporting so they can be aware of what materials can be available for reuse.”

Ms Slater told MSPs that her legislation “takes powers to give ministers and local authorities the tools that they need in order to achieve our ambitions for a circular economy”.

She added: “Those represent a package of new powers and responsibilities that will be underpinned by support and investment such as the £70m recycle investment fund.

“The Bill is necessarily narrow in the topics that it covers, it sits in the space where the Scottish Government needs new powers to take action between powers that are reserved and matters that are devolved but for which we have already taken powers.

“At the heart of many of the bill’s provisions is the recognition that co-design based on the principles of the Verity House Agreement and the new deal for business will be central to delivering the transformation needed.”

But council chiefs have warned that the Scottish Government is ignoring the Verity House Agreement, with the potential in the legislation for local authorities to face financial penalties.