UK Infrastructure Bank Bill [HL]

Lord Thomas of Cwmgiedd Excerpts

Committee stage & Lords Hansard - Part 1
Tuesday 14th June 2022 Lords Chamber

[Lord Thomas of Cwmgiedd (CB)]

I could not possibly add to or improve on what the noble Baroness, Lady Brown of Cambridge, said in support of Clause 2(3)(a) on the environmental objectives, but I want to say something in support of the amendments from the noble Lord, Lord Ravensdale, and the noble Baroness, Lady Bennett of Manor Castle, because the two must be tied together. If economic development is to be an objective, then it must be to level up. Some evidence is beginning to emerge that it is possible to achieve climate change investment in a way that disadvantages areas of inequality further and yet further. The altering of subsection (3)(b) would make it clear what were the twin objectives—that the objectives are not enriching the citizens of Westminster, of which I am one, Chelsea or other areas of London, and that green investment must be done with the specific object in mind of improving the economic, lifestyle or whole-life benefits of those who live in disadvantaged areas. The bank must keep both objectives in mind.

[Lord Teverson (LD)]

My Lords, I omitted to declare my interests as chair of the Cornwall and Isles of Scilly Local Nature Partnership and as a director of Aldustria Ltd, which is into battery storage.