Green Investment Bank

Part of the debate – in the House of Commons at 12:40 pm on 11th January 2017.

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Photo of Nick Hurd Nick Hurd The Minister of State, Department for Business, Energy and Industrial Strategy 12:40 pm, 11th January 2017

The Government set out their plans for the sale of the Green Investment Bank in the document “Green Investment Bank: Sale of Shares” laid before Parliament on 3 March 2016. The Government intend to move the GIB into the private sector, so that it can increase its access to private capital and increase its green impact free from the constraints of government ownership. Potential bidders are interested in the GIB precisely because of its green specialism. We are asking potential investors to confirm their commitment to GIB’s green values and investment principles, and how they propose to protect them, as part of their bids for the company. In addition, the Government have approved the creation of a special share, held by independent trustees, to protect GIB’s green purposes in future.

As I am sure the House will appreciate, the sale is commercially sensitive so I cannot comment on the identity of any bidders, or the discussions taking place between the Government and potential bidders. All parties have been required to sign confidentiality agreements that place strict restrictions on the disclosure of information. The restrictions apply to both bidders and the Government.