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

I thank my hon. Friend for her positive observation, and pay tribute to her record and her absolute integrity and authenticity on protection of the environment and climate change which are well respected across the House. I can give her this assurance. We have put before Parliament the whole procedure for protecting the green purpose of the GIB through the special share arrangements. It will be held by an independent company and it will have the power to approve or reject any proposed changes to the GIB’s green purposes. This is going to be set in company law. The five trustees were announced on 31 October 2016, selected through a genuinely independent process. If my hon. Friend looks at the names, she will see that they are independent and extremely credible. That is the mechanism that we have set out. I return to the point about the objectives of the sale. We want this to go into the private sector, so that it can do more of what it is doing—unfettered by the inevitable restrictions that the state has to put on it at this stage.