Privatisation of Green Investment Bank could ‘damage its reputation’
19 December 2015
From the section UK Politics
The UK’s “green” bank should not be privatised unless the government can ensure it keeps its environmental purposes, a committee of MPs has said.
In June Business Secretary Sajid Javid announced plans to part-privatise Green Investment Bank (GIB).
But the House of Commons Environmental Audit Committee warned this could cause the bank to lose its “green identity”.
This could “damage its reputation” and “undermine its leadership role in the green economy”, the committee said.
The Edinburgh-based GIB – thought to be the first of its kind – has invested £2.3bn of public money in 60 projects, with a total value of more than £10bn, since it was launched in 2012.
However, there are restrictions on its borrowing and Mr Javid hopes that full access to the capital markets will increase its lending powers.
Decision ‘appears rushed’
The bank’s projects are required to make a contribution to one of the …read more
Source:: BBC UK