Clive Efford
Main Page: Clive Efford (Labour - Eltham)
Vince Cable
An Opposition Member has already asked me a variant of that question, and I have made it very clear that the green deal is proceeding. It is a successful business model, and we understand the mechanisms by which large-scale investment will be forthcoming, but we certainly do not rule out the possibility of the green investment bank complementing it.
Clive Efford (Eltham) (Lab)
I congratulate the Secretary of State on getting to the end of his statement—for a minute I thought he was going to need a wind turbine inserted to pep him up. It is not possible to pick winners in this area, and a great deal of investment is needed in the research and development of new technologies, so will the green investment bank just pick winners or will it be involved in research and development, accepting that sometimes such projects will not come to fruition?
Vince Cable
Any business organisation making project choices is trying to pick winners, and that is what the bank will be trying to do. It will try to get a return for the economy and for society through environmental improvements, so of course it will have to make choices and pick winners. New technologies are being developed through the technology strategy board, we have announced a couple of technology innovation centres—another will be announced later this week—and they will develop the pioneering technologies to which I think the hon. Gentleman is referring.