Baroness McIntosh of Pickering
Main Page: Baroness McIntosh of Pickering (Conservative - Life peer)
Vince Cable
Any business organisation making project choices is trying to pick winners, and that is what the bank will be trying to do. It will try to get a return for the economy and for society through environmental improvements, so of course it will have to make choices and pick winners. New technologies are being developed through the technology strategy board, we have announced a couple of technology innovation centres—another will be announced later this week—and they will develop the pioneering technologies to which I think the hon. Gentleman is referring.
Miss Anne McIntosh (Thirsk and Malton) (Con)
I congratulate the Business Secretary on bringing forward this proposal, and I hope that the bank will come to York and north Yorkshire. May I ask for a commitment from him—that in trying to resolve one environmental problem he does not inadvertently create another? Will he assure the House that the business and environmental cases for offshore wind turbines, in particular, will meet the strictest and most stringent conditions?
Vince Cable
It will indeed do that. As I indicated in my statement, there is what we call a double bottom line. The projects must be commercially attractive, and we have to decide what the rate of return would be. They must be economically viable. They must also, at the same time, make an environmental contribution. Getting that trade-off will not be easy, and it will be one of the important early tasks of the bank. I will undertake to add York to the list of cities looking for such an opportunity.