Green Investment Bank

Baroness Jones of Moulsecoomb Excerpts

Thursday 12th January 2017 Lords Chamber

[Lord Prior of Brampton]

My Lords, the Green Investment Bank has been a huge success—I do not think anyone doubts that. From a start-up four or five years ago, it has developed into probably the finest financial institution in this space. The Government have two objectives: first, to get value for money—certainly not to sell the assets for less than they are worth; and secondly, to free up the Green Investment Bank so that it can use its expertise to back more sustainable projects in the future.

[Baroness Jones of Moulsecoomb (GP)]

My Lords, I give credit to the coalition Government for setting up the Green Investment Bank. It was a very good move and I deeply regret the privatisation because I feel that we will, perhaps, lose some momentum. However, in a debate yesterday in the other place the right honourable Member for West Dorset said that the privatisation of the Green Investment Bank would be judged on its increasing the spend over the last full year, which I think was £700 million. Is there any commitment within the bidders’ bids—I do not think this is confidential—to increase investment so that the good work can continue?

[Lord Prior of Brampton]

My Lords, I think the Green Investment Bank has spent just over £2.5 billion so far and has brought in about £8 billion of private investment to complement that, so it has committed a total investment of about £10 billion. Clearly anyone who buys the Green Investment Bank will want to see that investment grow. That will be very much part of the negotiated discussions that we are having with interested parties.