MPs warn against watering down Green Investment Bank
- Published on Tuesday, 15 March 2011 10:08
- Posted by Scott Buckler
MPs have spoken out against proposals to water down the government's Green Investment Bank, claiming that the UK could lose out on hundreds of billions of pounds in green investment
The Environmental Audit Committee has also suggested that it could mean the UK will not hit its emissions targets.
It has published a report, urging the coalition to make the bank free to raise additional capital and not keep it as just a fund.
Chancellor George Osborne announced the introduction of the bank last year, pledging £1 billion worth of capital to fund new energy projects.
"If the government is serious about being the 'greenest ever', the chancellor must ensure the Green Investment Bank can do what it says on the tin and raise extra capital like a real bank," commented Joan Walley, chair of the Environmental Audit Committee.
The report states that between £200 billion and £1 trillion of private sector investment is needed if the UK is to meet its carbon targets over the next ten to 20 years.