Asked by: Lord Frost (Conservative - Life peer)
Question to the Department for Energy Security & Net Zero:
To ask His Majesty's Government how much funding has been provided to the Green Finance Institute in each of the past five fiscal years; and whether any of the directors of the company are appointed by the Government.
Answered by Lord Hunt of Kings Heath - Minister of State (Department for Energy Security and Net Zero)
The Green Finance Institute was launched in 2019 to accelerate the transition to a sustainable economy. They are an independent private company that partner with financial organisations, corporates, NGOs, policymakers, academics and civil society experts. Their output supports several Government priorities across climate change, nature, international development, and economic growth.
Government has provided the following funding to the Green Finance Institute for a range of specific outputs to support Government policy making. Between 2019-2022 the Government provided a grant to support the establishment of the Green Finance Institute.
FY 2019-2020: £650,000
FY 2020-2021: £650,000
FY 2021-2022: £890,000 of which £650,000 was the core grant, and £240,000 was for specific projects
Since 2022 the Government has provided a grant to support specific projects through the Green Finance Institute.
FY 2022-2023: £1,565,500
FY 2023-2024: £1,460,467
TOTAL FY 2019-2024: £5,215,967
The Department for Environment, Food and Rural Affairs provide funding directly to a separate entity, called the GFI PMO Ltd, which was set up to host the Secretariat for the Taskforce on Nature-related Financial Disclosures. To date, this funding amounts to:
FY 2021-22: £801,855
FY 2022-23: £1,155,000
FY 2023-24: £910,000
No directors of the Green Finance Institute Ltd (previously known as the Green Finance Initiative Ltd) or the GFI PMO have been appointed by the Government.