Skip to main content

Green Investment Bank

Volume 518: debated on Thursday 18 November 2010

5. Whether his Department intends to sell assets in its ownership to provide finance for the proposed green investment bank. (24725)

The Chancellor announced in the spending review that the green investment bank will be funded with £1 billion from departmental budgets, and significant additional proceeds from asset sales. I will provide further information on which assets will be used to fund the institution in due course.

What funding will the Government make available to support renewable projects in the interim period before the green investment bank is established, which current estimates suggest is four years away?

No, it is not four years away. The intention is that investments will be made in 2012, and that asset sales will be used for that purpose. We are in the process of establishing the bank, and the hon. Lady knows that a substantial number of renewable projects are being supported under the spending review.