Green Investment Bank (Leeds)

Fabian Hamilton Excerpts

Monday 14th November 2011 Commons Chamber

[Greg Mulholland]

My hon. Friend lays out a key part of my speech: so much of what the green investment bank is determined to do is already happening in the Leeds city region. He also demonstrates powerfully that the bid is supported by the public sector, including those 10 local authorities, the private sector, the third sector and, indeed, by MPs from all over the city and Yorkshire and Humber regions.

[Fabian Hamilton (Leeds North East) (Lab)]

I congratulate my hon. Friend and constituency neighbour on securing this debate. Does he accept and acknowledge that, under the control of all parties, Leeds city council has played a crucial role in pioneering environmental schemes over many years? Does he acknowledge also the efforts of a former Member, Paul Truswell, who was the first chair of the council’s environmental committee and undertook pioneering work way back in the 1980s? Leeds has a very good record, and it is one of the reasons why the bank should be situated there.

[Greg Mulholland]

I thank the hon. Gentleman, my constituency neighbour, for that contribution. He correctly notes that wonderful and groundbreaking work has taken place at Leeds city council, and, as he knows, I am the green champion on Team Leeds, with which Leeds MPs specifically are involved. It is an initiative of the Leeds, North Yorkshire and York chamber of commerce, and I am happy to carry on that work and to do what I can to voice it on behalf of Leeds and all those other areas.

The Leeds city region has three fundamentally important things to offer as the location for the green investment bank: first, its location; secondly, its incredible talent in finance, business and the green economy; and, thirdly, its excellent value in allowing for the bank’s affordable establishment as quickly as possible.

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[Greg Mulholland]

That is an important point and it is right of the hon. Gentleman to reiterate it. We must all keep doing so again and again to Ministers. I apologise to the Minister for taking so many interventions. It is rather nice to have so many positive ones. It will, however, take me a little longer to make my contribution than I had originally thought because of that.

As well as the financial expertise and talent in the region, we have the professional and business services that would be integral to the success of any new banking institution. Five of the UK’s largest law firms and 150 accounting firms, including nine of the 10 largest UK practices, are based in the Leeds city region. Crucially, the professional and business services sector in the region has a strong record in supporting the delivery of low-carbon schemes. It is in demand for doing so across the UK, with a number of projects having been advised and structured by businesses from the Leeds city region. One example—and we will provide more to the Minister—which is from the other side of the Pennines, is the UK’s largest wind farm on Scout moor in Manchester. Top legal teams based in Leeds, such as Addleshaw Goddard, regularly advise on international green projects, such as the latest power project in Saudi Arabia and a solar project in South Korea. This expertise and talent is already delivering what the green investment bank wants to do not just in the UK, but around the world.

Finally on talent, the region also has the necessary environmental expertise. The region’s carbon capture and storage programme has been led by co₂sense. That is one of a number of Leeds-based expert organisations that drive innovation-led low-carbon projects in the Leeds city region and that would support the bank in its activities. It has been delivering the objectives of the green investment bank in the region for the past four years. It has invested in low-carbon infrastructure projects across the region.

We also have the Centre for Low Carbon Futures, which is a partnership of universities that has a track record in providing expert advice to the Department of Energy and Climate Change. It includes the centre for climate change economics and policy at the university of Leeds. We also have Science City York, which is a partnership company of academics and the private and public sectors that has expertise in bio-renewables. It has directly helped to establish more than 100 new technology companies.

[Fabian Hamilton]

Will the hon. Gentleman give way again?

[Greg Mulholland]

I am able to be generous because of the time.

[Fabian Hamilton]

Given all that the hon. Gentleman has said, it is no surprise that one of the most innovative low-carbon, recycled fuel power stations was opened on the border between our two constituencies at Buslingthorpe Green just a month ago. I had the privilege to open it with the lord mayor of Leeds. It generates 2 MWe and is run on recycled cooking oil. I hope the hon. Gentleman would agree that that is exactly the kind of project that the green investment bank could encourage throughout the country. Leeds has shown that it has the expertise to have the bank right in the heart of the city and the region. Does he agree that that is the sort of project that needs support?