Oral Answers to Questions

Debate between George Freeman and Mike Weir

Tuesday 15th December 2015 Commons Chamber

[Mike Weir (Angus) (SNP)]

11. What funding his Department plans to allocate to research and development in the energy sector over the next five years.

[The Parliamentary Under-Secretary of State for Business, Innovation and Skills (George Freeman)]

As my right hon. Friend the Chancellor demonstrated in the autumn statement, the Government put investment in R and D as the top priority in our long-term economic plan. I am delighted, as I am sure that Opposition Members will be, by the announcement on ring-fencing the science budget, with £6.9 billion on science capital and £4.7 billion on revenue. In addition, the Prime Minister recently announced a 50% increase in our funding of climate finance, with £400 million over this Parliament, and we have just announced £60 million going into the energy research accelerator.

[Mike Weir]

Launching an investment coalition in Paris at the weekend, Bill Gates made the point that if we are to avoid global warming we have to move at full speed in developing new renewable energy technologies. To ensure that the UK plays its part, what progress have Ministers made in ensuring that the UK Green Investment Bank receives the full £3.8 billion of capitalisation and maintains its green mandate, irrespective of the future of the Government’s stake in the bank?

[George Freeman]

I am sure that the hon. Gentleman will welcome the Prime Minister’s announcement of £400 million extra funding. The Green Investment Bank has played the role that we envisaged in supporting the green economy, which is not an allotment economy—it now constitutes 96,000 businesses with 230,000 employees and a turnover of £45 billion for the British economy and £4.8 billion of exports. By giving the Green Investment Bank the freedom to raise money on the capital markets, we will generate more money for the green economy, which is growing under this Government like never before.