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 Callum McCaig Callum McCaig Shadow SNP Westminster Group Leader (Energy and Climate Change) 12:40 pm, 11th January 2017

I thank you for granting this urgent question, Mr Speaker, and I thank Caroline Lucas for putting it. We support it wholeheartedly. The Minister has repeatedly said that he wants to see more money raised through this, but it will not happen if the assets are stripped from the company and taken abroad. Also, this is happening at precisely the worst possible time. There are reports that we will see a 90% fall in renewables investment. That must be addressed, and the GIB should be the vehicle for doing that.

What assurances can the Minister provide that capital from existing assets will be reinvested in green projects in the UK? How will the golden share work when it comes to subsidiaries and, in particular, to having a say over asset sales? What reassurances can he give us that the headquarters in Edinburgh will continue? How will the Government ensure that the shortfall in investment in renewables will be met? Finally, in the light of the forthcoming industrial strategy and emissions reduction plan, will the Minister pause this sale, so that Parliament can properly look at these and see what role the GIB can play in that process?