Asked by: Michelle Thomson (Independent - Edinburgh West)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department has taken to safeguard the Green Investment Bank's headquarters in Edinburgh and the jobs it supports after the planned privatisation of that bank.
Answered by Nick Hurd
Scotland has a strong renewable energy sector, and Edinburgh continues to offer a great deal in terms of renewable energy expertise and attractive investment opportunities. We have asked potential investors to confirm their commitment to the Green Investment Bank’s (GIB) green values and investment principles, and how they propose to protect them, as part of their bids for the company.
GIB is being sold as a going concern and potential investors will be buying into the company’s green business plan and forward pipeline projects. The Green Investment Bank’s Chairman, the noble Lord, Lord Smith of Kelvin is strongly committed to the Edinburgh office.
Asked by: Michelle Thomson (Independent - Edinburgh West)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what safeguards his Department has put in place to protect the focus of the Green Investment Bank on green investment after the planned privatisation of that bank.
Answered by Nick Hurd
The Government has set out its plans for the sale of the Green Investment Bank (GIB) in the document “Green Investment Bank: sale of shares” laid before Parliament on 3 March 2016.
As stated in that document, the Government has asked potential investors to confirm their commitment to GIB’s green values and investment principles and how they propose to protect them, as part of their bids for the company. In addition, the Government has approved the creation of a special share to protect GIB’s green purposes in future.
Asked by: Michelle Thomson (Independent - Edinburgh West)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, whether the Government plans to maintain any control or stake in the new ownership structure of the Green Investment Bank after its planned privatisation.
Answered by Nick Hurd
The Government has always been clear about our plans to sell a majority of the Green Investment Bank (GIB) in order to achieve one of our key objectives, which is for GIB to be re-classified to the private sector once sold.
The decisions on the final size of stake of GIB to be sold will depend on the outcome of confidential discussions with bidders; driven by what best achieves our objectives for the sale, and, most importantly, what is in the best interests of the taxpayer.
Asked by: Michelle Thomson (Independent - Edinburgh West)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what safeguards his Department has put in place to prevent the immediate sale of assets by a new owner of the Green Investment Bank after its planned privatisation.
Answered by Nick Hurd
The Government has been clear that one of the reasons we are moving the Green Investment Bank (GIB) into the private sector is to enable the business grow and continue as an institution supporting investment in the UK green economy.
GIB is being sold as a going concern and potential investors will be buying into the company’s green business plan and forward pipeline of projects.