Former energy secretary Ed Davey fears the sell-off of the Green Investment Bank is being rushed by the Tories [Image: Felix Clay for the Guardian].


Ludicrous.

Under the Conservative Government’s proposals, the Green Investment Bank will be able to invest in the worst-polluting industries – and will probably do so, if controlled by private investors.

Won’t this create an issue with the Advertising Standards Authority?

Controversial plans to privatise the government’s Green Investment Bank (GIB) have run into serious trouble in parliament amid fears among MPs and peers that the sale will strip it of any legal requirement to back exclusively green projects and promote a low-carbon economy.

Key figures in government have admitted that the sell-off has become hugely problematic, because ministers have been told the switch to the private sector has to include rule changes that will release the privatised bank from any duty to invest solely in green businesses or causes.

Ministers, and officials at the GIB – which is often cited by David Cameron as evidence of his commitment to green causes – have even been forced to admit under questioning by MPs that a privatised bank would “technically” be free to invest in projects such as fracking.

Source: Green Investment Bank sell-off plans alarm MPs and peers | Environment | The Guardian

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