Clean Growth Fund

Lord McColl of Dulwich Excerpts

Wednesday 28th October 2020 Lords Chamber

[Lord Callanan (Con)]

That is indeed a good quote and I agree to a certain extent with my noble friend, but this is a commercial investment, run by a commercial fund manager. My noble friend will be pleased to know that the Government are playing no role in the selection of the investments. There are private sector investors alongside us and the fund manager is running the fund on a commercial basis.

[Lord McColl of Dulwich (Con) [V]]

My Lords, as we have limited funds, why do not the Government use the Clean Growth Fund in their efforts to clean up the pollution of the air and the ocean and rid us of the enormous amount of destructive plastics? As our economy is in dire straits, is it not the time for these expensive green plans to be postponed until the economy improves?

[Lord Callanan (Con)]

The noble Lord makes a good point—we should indeed seek to clean up our environment as much as possible—but, as I said, that is not the purpose of this fund, which is to invest in early-stage green technologies, where a proven funding gap has been shown to exist.