Oral Answers to Questions

Chi Onwurah Excerpts

Thursday 24th March 2011 Commons Chamber

[Gregory Barker]

Clearly there is a huge investment agenda, and my right hon. Friend is right, but we see that as an opportunity as well as a cost. He will also know that the cost of doing nothing and standing by while climate change hits the world progressively through this century will be considerably greater than prudent early action.

[Chi Onwurah (Newcastle upon Tyne Central) (Lab)]

14. What recent discussions he has had with ministerial colleagues on attracting private sector investment into low-carbon technologies.

[The Minister of State, Department of Energy and Climate Change (Gregory Barker)]

The Secretary of State regularly meets ministerial colleagues, and attracting private sector investment is one of many topics considered in their discussions on promoting a low-carbon economy and long-term green growth.

[Chi Onwurah]

As the Secretary of State knows, many innovative clean-tech start-ups throughout the north-east are crying out for funding. Given that the green investment bank cannot borrow and £3 billion is not going to build us our green future, what will he do to ensure that more funding is available?

[Gregory Barker]

I think the hon. Lady misunderstands the role of the green investment bank. It is there to spur private sector growth and investment, which is ultimately going to deliver the green investment and green growth that we need. The bank, with £3 billion, which is considerably more than the Labour party proposed, is going to be a real engine for growth, but it is not the only show in town; there is a whole range of other policies that we need to promote a green enterprise recovery.