Green Investment Bank sell-off plans alarm MPs and peers

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].


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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3 thoughts on “Green Investment Bank sell-off plans alarm MPs and peers

  1. Neilth

    While the rest of the world apparently makes progress toward mitigating climate change by reducing carbon based energy production and encouraging moves away from highly polluting and climate damaging technology this appalling and lying Tory government want to sell off the Green Bank into the hands of the very people who are creating the problems while increasing VAT on renewable energy eg solar, wind etc.

    These idiots are praising the Paris agreement and begging up their part in it while pursuing policies that are inevitably going to sabotage progress toward reducing greenhouse gas emissions.

    Meanwhile they reduce the ability of local authorities to put measures in place to respond to the inevitable increase in extreme weather events.

    There’s nothing like joined up thinking is there?

  2. Dez

    This just captures how desperate they are to put all key assets into the hands of their banker buddies…..that would be an irony if the Green bank became the financing facility for the frackers….. I guess the Vat impact and increases is just the normal Ossie grab at anything looking to make some dosh for his every growing debt pile payoff.

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