Green Investment Fund

Baroness Bryan of Partick Excerpts

Wednesday 2nd September 2020 Lords Chamber

[Baroness Penn (Con)]

My Lords, our economy is not yet in a net-zero status, so to support the economy during the time of coronavirus we have invested in sectors that might contribute carbon. However, I disagree with the noble Baroness about the level of investment that the Government have put into green recovery. In addition to the £4 billion that I just referred to, there is an extra £1 billion for ultra-low emission vehicles and £800 million for carbon capture and storage, in addition to the Clean Growth Fund and a new future homes standard, which will align with the fact that we are planning to build, build, build to get the clean homes that we need.

[Baroness Bryan of Partick (Lab) [V]]

The Cameron Conservative Government showed their lack of commitment to the Green Investment Bank when they took the short-sighted step of privatising it and then mishandling the sale. Could the Minister outline in what ways a second green investment bank will be more effective and, importantly, how its success will be evaluated?

[Baroness Penn (Con)]

My Lords, the reason for moving the Green Investment Bank into the private sector in 2017 was to allow it to raise equity from private finance sources to increase the amount of investment going into these sectors. In addition, the Government have launched the Clean Growth Fund, a venture capital fund that will match fund with a charity that invests in new businesses looking to accelerate the commercialisation of innovative new technologies.