Oral Answers to Questions

Nicholas Dakin Excerpts

Thursday 8th March 2012 Commons Chamber

[Mr Davey]

I thank my right hon. Friend for his welcome. He is right. Edinburgh is an established centre for financial services and it couples that skill with a thriving green sector. That is why I believe my right hon. Friend the Secretary of State for Business, Innovation and Skills has chosen it. I know that my right hon. Friend the Member for Ross, Skye and Lochaber (Mr Kennedy) has been a champion of investment for Kishorn point and welcome the planned investment for redeveloping the point.

[Nic Dakin (Scunthorpe) (Lab)]

17. What recent assessment he has made of the level of investment in low-carbon technologies in the UK.

[The Minister of State, Department of Energy and Climate Change (Gregory Barker)]

In February, Ernst and Young upgraded the UK to fifth in the world for overall attractiveness for renewable energy investment. Cleantech Group estimated UK venture capital investment in clean technology in 2011 to be around $566 million, ranking us third in the world after the United States and China. We have forecast that 4 GW of renewable electricity will become operational in the coming year, which represents a doubling of installed capacity since May 2011.

[Nic Dakin]

I thank the Minister for his reply. What measures are the Government taking to ensure that the UK supply chain for low-carbon technologies is properly backed and developed?

[Gregory Barker]

In advance of the establishment of the Green investment bank, Green Investment UK will, thanks to the Chancellor’s Budget, invest up to £775 million in the green economy in the next financial year alone. This will be a huge boost, along with the other proactive measures that the coalition is taking to boost green growth.