The Government’s sale of the Green Investment Bank (GIB), which was completed today, is environmentally irresponsible.
The Government confirmed today Macquarie Group Limited has now completed its purchase of the GIB for £2.3bn, which will now be known as the Green Investment Group (GIG).
I launched the Bank in 2012, during my time as Business Secretary. Its environmental mission is now in danger of disappearing, I am calling for Parliament to ensure commitments to protect green investment in the UK are kept.
The Bank has done an extremely good job in supporting renewable energy, energy efficiency and low-carbon projects. It has managed to attract over £10bn of private investment in these sectors that would not otherwise have happened.
At a time when business confidence is falling and the Conservatives are giving mixed signals on their commitment to the environment, this is the worst time to undermine investment in the green economy.
The Green Investment Bank’s environmental mission is in danger of disappearing under the ownership of a private Australian bank whose track record does not inspire confidence.
Sadly, this is another of the positive legacies of the Liberal Democrats in government that the Conservatives are now burying.
Parliament must ensure that commitments to protect the Bank’s green objectives are fully honoured in both spirit and letter.