Green Investment Bank
Debate between Kevin Brennan and George Kerevan(9 years ago)
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Kevin Brennan
That is a legitimate concern to raise. At a reception the other evening, I heard a BIS Minister describe fracking as a sustainable form of energy. If it is sustainable, a privatised Green Investment Bank could presumably invest in it. We need to hear whether Ministers think that that is possible.
George Kerevan
The hon. Gentleman may remember that the one form of energy the bank was specifically banned from investing in under EU state aid rules was nuclear. Once the bank goes into the private sector, that will no longer apply, and it will be open to the bank to invest in, say, the Hinkley Point C project, which the Government have heavily subsidised with huge amounts of taxpayers’ money 30 years in advance simply to lever in investment.
Kevin Brennan
The hon. Gentleman is right: that was the ruling in relation to state aid. For what it is worth, I find it difficult to see how we could meet our obligations in coming decades without some investment in nuclear. The hon. Gentleman and I may not agree on that—[Interruption.] The expression on the face of the hon. Member for Brighton, Pavilion tells me that she does not agree with me either, and I am not surprised by that. However, that is my view, and it is shared by quite a lot of people with strong green credentials. None the less, the hon. Gentleman is right to point this issue out, because it is absolutely an implication of privatisation.
Is the Minister concerned that these things will provide further uncertainty for low-carbon investors, at a time when there is great concern about the Government’s retreat on investment in wind power, for example? Do they send the right message to our international partners, on the cusp of the Paris summit, about the importance of renewables?