Green Investment Bank’s environmental remit under threat
Legislation obligating the Green Investment Bank (GIB) to invest only in environmentally friendly projects will have to be repealed before privatisation goes ahead, business secretary Sajid Javid said.
In a written ministerial statement, Javid said that, in order for the GIB to be reclassified as a private sector enterprise, the controls imposed on it by the Enterprise and Regulatory Reform Act 2013 need to be repealed.
If this did not happen, there is a risk that the GIB would still be subject to government control over how it raises capital, Javid said. The need to repeal the legislation has only come to light since the decision was taken to privatise the bank, he added.
The business secretary insisted that the bank would continue to invest in green projects, however. He said ...