UK Infrastructure Bank Bill [HL]

Debate between Lord Teverson and Lord McDonald of Salford

Committee stage & Lords Hansard - Part 1
Tuesday 14th June 2022 Lords Chamber

[Lord McDonald of Salford (CB)]

My Lords, I too have put my name to Amendment 4, and I agree with the noble Baroness, Lady Young of Old Scone, that it is the most elegant in this group. At Second Reading, the Minister acknowledged that expanding the objectives of the bank to include biodiversity and the protection, enhancement and restoration of natural capital was the area that most parts of the House were most interested in promoting. More than that, the Minister said that everything that could be launched in the area of biodiversity was completely compatible with the climate change objective of the bank. But as the noble Baroness, Lady Hayman, has reminded us today, this Bill decides the DNA of the bank. So if it is not included on the face of the Bill, biodiversity and the natural environment will be essentially down-prioritised. As the noble Lord, Lord Bourne of Aberystwyth, reminded us, if it is not there, people will think that it is not important. If it is as easily incorporated as the Minister suggested at Second Reading, could we please have this explicitly on the face of the Bill?

[Lord Teverson (LD)]

My Lords, it is always a pleasure to follow the noble Lord, Lord McDonald, and the contributions he has made to the House and to the International Relations and Defence Committee recently.

I see that two of our right reverend Prelates are present in the Chamber. I thank them for their unity and for their letter to the Times today, which I think was absolutely right. I congratulate them on that unity and that nationally important statement.

One of the things we debated in the Environment Bill—now Act—was whether we should have a statement of the biodiversity emergency in that Bill. At the end of the day, I withdrew my amendment on that, because the Minister pointed out at the time that the Prime Minister had written that there was a biodiversity and nature crisis in this country. Therefore, I find it very difficult to understand, from a government point of view, why we do not have both those crises reflected in this Bill’s objectives. Although they are very different crises, they are absolutely connected, and it is essential to solve them both. If nothing else, this bank must be part of that solution—it must be.

I come back to something that the noble Baroness, Lady Noakes, said at Second Reading that I absolutely agreed with: one of the risks of this bank is that it just substitutes private investment for public sector investment. Relatively, one of the easiest areas for the private sector to invest in—because of all the schemes such as contracts for difference, ROCs in the past, and the incentive for renewable fuels—is clean energy. It is a relatively low-risk area, and we have seen that happen. In fact, it was much riskier when the Green Investment Bank started; now that we have come down the learning curve, it is quite an easy area in which to invest.