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 right hon. Gentleman may be right about the cross-party agreement on the need for a GIB; the difference is that we did it, and he did not. His party had plenty of opportunity to do it. He talks about the need for a continued commitment to investment in renewables, and I think we have shown that. In fact, one of the most decisive steps this Department has taken in the short time we have been in power is the announcement of the new contract for difference auctions, which will be the next stage of support for the more mature renewable tech choice. There is no issue about this Government’s commitment to the low-carbon economy and the green infrastructure that needs to underpin it. The Secretary of State could not have been clearer about that. Where I think there is a divergence of view is that the Labour party seems to think that state ownership is a good in itself, whereas in this situation we feel we have moved on from that. When it comes to this very important organisation that has done a great job, we want to liberate it so that it can do more in future. It is partly through that lens that we are looking at the proposals before us.