Green Investment Bank
Debate between John McNally and Kevin Brennan(8 years, 6 months ago)
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Kevin Brennan
I do not want to tempt the hon. Gentleman out of his contentment. What advice were Ministers given when the guarantee was first enshrined in legislation? Was there any suggestion at that time that putting the green purpose in legislation might jeopardise any future privatisation? Is it possible that when the bank is privatised and its purposes are widened, its funds might be used to invest in things such as fracking?
John Mc Nally
The hon. Gentleman raises an issue that has been raised since SNP Members first arrived in the House from Scotland. We are extremely concerned about fracking in our areas, and I am sure others here are on the same wavelength. Everything my colleagues and I have seen since we arrived has been driving towards making fracking this country’s main source of energy. The fact that some of the subsidies under the renewables obligation will end a year early only goes to show that we were right in our thinking. Does the hon. Gentleman agree?
Kevin Brennan
That is a legitimate concern to raise. At a reception the other evening, I heard a BIS Minister describe fracking as a sustainable form of energy. If it is sustainable, a privatised Green Investment Bank could presumably invest in it. We need to hear whether Ministers think that that is possible.