Many of you have contacted me about the future of the Green Investment Bank. Here's my view:
This government is pursuing yet another disastrous policy, the proposed privatisation of the Green Investment Bank (GIB).
The GIB has proved to be successful in public hands.
It has funded innovative technology to fight climate change and created export opportunities for a decarbonising world. In public hands, the GIB can play an important economic role, helping to drive innovation, green energy and infrastructure in the UK.
The Government should think again and stop its proposed sale.
The Australian bank Macquarie, which is believed to be the preferred bidder for the GIB, reportedly has a track record of breaking up companies and selling their profitable assets. The Government has also confirmed that 11 new companies have been set up within the GIB to enable the introduction of private finance into a number of GIB assets.
The House of Commons Environmental Audit Committee is worried that this restructuring would enable a new owner of the GIB to break up the company and sell off its most profitable assets.
I believe the Government should have a rethink that and ensure that the green purpose of the GIB is protected.