Kevin Brennan – 2016 Parliamentary Question to the Department for Business, Innovation and Skills

The below Parliamentary question was asked by Kevin Brennan on 2016-01-27.

To ask the Secretary of State for Business, Innovation and Skills, what assessment he has made of the ability of a privatised Green Investment Bank to address market failures in the low carbon economy.

Anna Soubry

The Government’s position on this matter was set out in paragraphs 31 – 36 of our November 2015 policy statement on the future of the UK Green Investment Bank (GIB) which can be found on the GIB pages of the GOV.UK website.

This makes clear that GIB’s remit has always been to invest in green projects on fully commercial terms to help demonstrate green investment can be profitable and attract additional private sector investment into green sectors from mainstream finance providers. GIB will continue to perform that role in private ownership.

There are other Government policy mechanisms in place aimed at promoting investment in more high risk projects and early stage technologies.