Clive Efford
Main Page: Clive Efford (Labour - Eltham and Chislehurst)(13 years, 11 months ago)
Commons ChamberRead Full debate Read Hansard Text
Charles Hendry
The First Minister’s announcement was based on his own decision, and we are still waiting for more details about what it will involve. However, when we put together £70 million for Scotland and £60 million for England, we have a significant contribution to the development of this industry in the United Kingdom.
Clive Efford (Eltham) (Lab)
13. What discussions he has had with the Secretary of State for Business, Innovation and Skills on the lending practices to be adopted by the proposed green investment bank.
The Minister of State, Department of Energy and Climate Change (Gregory Barker)
The Secretary of State and I are in regular and close contact with colleagues in the Department for Business, Innovation and Skills and other ministerial colleagues. Following the spending review announcement, the Government aim to complete the design and testing work for the function and form of the GIB by spring 2011.
Clive Efford
How does the Minister intend to advise the bank on its functions when investing in essential green industry development? In particular, if we are looking for winners when investing in new innovation, we might miss the opportunity to provide seedcorn investment, which might then be taken up by other countries. It is essential that we look into investment in new technologies and that we do not miss these opportunities.
Gregory Barker
There are obviously other ways of investing in new technologies, including through the energy strategy board, and the coalition has made an absolute commitment to push forward a range of technologies. The GIB is about crowding in private sector investment into a viable green economy.