Green Investment Bank

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

Alert me about debates like this

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

I agree with my hon. Friend’s opening comments about saluting what has been a great success story of the coalition—let us maintain the season of good will—but Conservative-led Government. It was the right thing to set up, it was we who did it and it has been a great success, having mobilised £8 billion of private capital into a critical area of infrastructure, according to the last figures. I can, however, assure him—he is far too experienced to be drawn or influenced too much by media speculation—that we are not being naive in this process. We have set clear criteria for the sale, we have run a genuinely competitive process and we are now evaluating the proposals before us, through the lens of the criteria we have set, which include value for money and reclassification. We are selling a going concern, and what we want to hear about are forward plans for a dynamic, ongoing concern seeking to mobilise more private capital into the green economy. He knows as well as anyone in the House that we need to mobilise a lot of private sector capital to get the clean energy we need.