William Bain
Main Page: William Bain (Labour - Glasgow North East)
Vince Cable
I did not say that they were not eligible; I referred to the fact that the initial round was likely to involve large-scale projects. However, I thank the hon. Gentleman for his very positive comments. As for the third sector, I did not respond to the point made by the right hon. Member for Southampton, Itchen (Mr Denham) about participation in the advisory board, which we will certainly reflect on. It was a helpful contribution.
Mr William Bain (Glasgow North East) (Lab)
Since 2004, the US Treasury has had the facility to issue up to $2 billion in green bonds to enhance the green economy in the United States, and since 2007 the European Investment Bank has issued more than €1 billion in climate awareness bonds. Is not it a real lost opportunity that the Secretary of State has been unable to persuade the Chancellor to keep to his pre-election commitment to introduce green bonds in the United Kingdom?
Vince Cable
As I said, there is a variety of possible ways of raising funding, one of which is obviously the capital markets. If and when the institution goes to the capital markets, the investment could well take the form of bonds marketed in the way the hon. Gentleman describes. I am sure that we should draw on those experiences.