Green Investment Bank

Lord Stevenson of Balmacara Excerpts

Thursday 12th January 2017 Lords Chamber

[Lord Prior of Brampton]

The Government’s commitment to the integrity of the Green Investment Bank was made clear by enshrining its five green, core purposes in the articles of association of the company and the assurance that, if the company wants to change those green purposes, it has to get the agreement of the independent trustees, of whom the noble Lord is one.

[Lord Stevenson of Balmacara (Lab)]

I welcome the noble Lord to his new Front Bench duties and look forward to working with him. The issue that has just been raised is important. Surely it is now clear that the trustees will be unable to prevent the green mission being changed, because the way that the deal is structured means they can be bypassed. Is it right that there will be no obligation on the new owners to continue investing in the UK, contrary to the requirements of the Act passed by this House?

[Lord Prior of Brampton]

On the latter question of whether the bank may invest overseas, I understand that it is already considering projects in India and east Africa. One purpose of introducing private capital into the Green Investment Bank is to give it more flexibility to develop the business in future.