Green Investment Bank

Baroness McIntosh of Pickering Excerpts

Thursday 12th January 2017 Lords Chamber

[Lord Barker of Battle]

To ask Her Majesty’s Government what assessment they have made of progress made on the sale of the Green Investment Bank.

[Baroness McIntosh of Pickering (Con)]

My Lords, on behalf of my noble friend Lord Barker of Battle, and at his request, I beg leave to ask the Question standing in his name on the Order Paper.

[The Parliamentary Under-Secretary of State, Department for Business, Energy and Industrial Strategy (Lord Prior of Brampton) (Con)]

My Lords, the sale process is commercially confidential and I am unable to provide details of progress at this time. However, the Government have committed to providing a full report to Parliament once the sale is completed. The Government launched the sale process on 3 March 2016 and we expect it to be complete before the end of the financial year.

[Baroness McIntosh of Pickering]

My Lords, I congratulate my noble friend on his new position and thank him for that Answer. The Green Investment Bank is the jewel in the crown of the Government’s green energy policy. There is huge concern at the moment that the preferred purchaser may have a mind to purchase the whole of the Green Investment Bank and dispose of the individual parts for a price higher than might be paid to the Government. What further assurance can my noble friend the Minister give the House today about the future of the Green Investment Bank and its integrity, excellent work and the huge success story continuing after privatisation?

[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.

Climate Change: Fracking

Baroness McIntosh of Pickering Excerpts

Tuesday 6th September 2016 Lords Chamber

Asked by

[Baroness McIntosh of Pickering]

To ask Her Majesty’s Government whether they plan to ensure that the three tests set out by the Committee on Climate Change with regard to shale gas exploitation by fracking are met before any fracking work proceeds, and if so, how.

[The Minister of State, Department for Business, Energy and Industrial Strategy (Baroness Neville-Rolfe) (Con)]

My Lords, shale could promote the opportunity of a new, domestic source of gas which adds to our energy security. Since 2000, UK gas production has decreased and import dependency has increased. This Government have been clear that shale development must be safe and environmentally sound. As our response to the Committee on Climate Change report states, we believe that each of the three tests for shale gas development will be met.

[Baroness McIntosh of Pickering (Con)]

I am most grateful to the Minister for that Answer. Will she explain to the House how the Government intend to meet those tests and, in particular, satisfy the Committee on Climate Change regarding greenhouse gas emissions, which would increase in intensity with the extraction of such a fossil fuel on a large, significant scale? Also, how do we intend to meet our carbon reporting targets in those circumstances?

[Baroness Neville-Rolfe]

We have made it clear that we will take steps to meet our carbon targets, particularly by 2050, and we agreed on the fifth carbon budget before the Summer Recess. In relation to the tests, the first test is met by our regulatory system; tests 2 and 3 will be met by the commitments we will be making in the carbon budgets.