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Green Investment Bank

Volume 529: debated on Thursday 9 June 2011

3. How many jobs in low-carbon industries he expects to be created by the actions of the green investment bank. (57778)

The green investment bank will be a key element in financing investment in the green economy. It is not possible to estimate the number of green jobs it will help to create, but this sector in the UK is already substantial and employed around 910,000 people in 2008-09. A total of £3 billion of funding has been made available to the green investment bank from 2012 and could mobilise an additional £15 billion in private sector investment.

I thank my right hon. Friend for his answer. Will he consider locating the green investment bank in the most excellent city of Brighton and Hove?

I thank my hon. Friend for his question. I know from other interventions of his deep and genuine interest in environmental issues. We already have quite a long bidding list for cities that wish to attract the green investment bank, and I am very happy to add Brighton to it.

The answer to the last question is no.

The potential for low-carbon industries comes not only from the green investment bank, important though that is, but from the skills base and getting businesses ready to take this opportunity. What are the Government doing to ensure that throughout the UK the skills base will be there and business will be able to take advantage of the potential of the green investment bank—particularly, of course, when it is situated in Edinburgh?

I know that the hon. Gentleman too has a long-standing and active involvement in environmental issues. He is right to say that it is not simply a question of investment but of skills. That is why, as part of the expanded apprenticeship programme, we have specifically set aside resources for those working in the green economy, particularly regarding the skills that are required to implement the green deal.