MPs urge protection for privatised Green Investment Bank
The Green Investment Bank (GIB) must not be privatised unless its environmental objectives are protected and strengthened, a cross-party group of MPs has said.
Publishing its report on the future of the GIB, the parliamentary environmental audit committee said the decision to privatise the bank appeared rushed and claimed ministers have not provided convincing evidence the bank will achieve its aims better in the private sector.
The MPs criticised the lack of transparency shown by the government in its decision to privatise the GIB and called for the publication by the business department of the business case for the sale, including impact assessments, before proceeding.
“The government is currently relying on assurances from potential shareholders and the commercial case for retaining the GIB’s green purposes. That is not robust enough,” said Huw Irranca-Davies, chair of the committee.
The MPs are concerned that a privatised bank could move its focus away from novel and complex projects that struggle to find funding in favour of ...