Green Investment Bank Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Margaret Greenwood
Main Page: Margaret Greenwood (Labour - Wirral West)Department Debates - View all Margaret Greenwood's debates with the Department for Business, Energy and Industrial Strategy
(7 years, 4 months ago)
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Mr Hurd
The hon. Gentleman makes an important point about the increased attractiveness of investment in renewable energy and low-carbon infrastructure. Governments in the UK and around the world have helped to facilitate that investment over the years and have seen dramatic falls in the cost of those technologies and the cost of the capital attached to them, making them a more investable proposition. This helps to reinforce our argument that this is the right time to liberate the GIB from state control to enable it to play a bigger part in the market.
Margaret Greenwood (Wirral West) (Lab)
The Aldersgate Group has highlighted the fact that the strength of the Green Investment Bank is that it has supported innovative projects throughout the UK that help us not only to tackle climate change but to drive down costs in the NHS and local government through energy efficiency. Will the Government heed the warning of the former Conservative Energy Minister, Lord Barker, that the bank is heading for break-up? Will they halt the sale to ensure that the bank remains a single public institution that is one step ahead of the market in the green projects that it backs?
Mr Hurd
Lord Barker is a good friend of mine for whom I have great respect. I would like to reassure him and, I hope, the House that the Government are not being naive. We are very clear about the criteria we have set, and we are in the process of a robust and rigorous evaluation of the proposals against those criteria.