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, if he will allocate all funds raised by privatisation of the Green Investment Bank to green technologies in the UK.
Anna Soubry
The Government has put paying down our debt while investing in infrastructure at the heart of our long term economic plan. Proceeds from a sale of UK Green investment Bank plc (GIB) will help us deliver on both those objectives. Any proposal to allocate Government funding to other types of intervention to achieve green policy objectives would need to be considered individually on its merits.
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. Details of the other Government policy mechanisms in place aimed at promoting investment in more high risk projects and early stage technologies are provided at paragraphs 31 – 36 of our November 2015 policy statement on the future of GIB which can be found on the GIB pages of the GOV.UK website.
