Liberal Democrats Oppose Sale of Green Investment Bank

Vince Cable, the Leader of the Liberal Democrats, has said that this party oppose the Government’s plans to sell the Green Investment Bank. The Government has sold the bank to Macquarie Group Limited for a sum of £2.3 billion.

Cable said:

“I launched the Bank in 2012, during my time as Business Secretary. Its environmental mission is now in danger of disappearing, I am calling for Parliament to ensure commitments to protect green investment in the UK are kept.

The Bank has done an extremely good job in supporting renewable energy, energy efficiency and low-carbon projects. It has managed to attract over £10 billion of private investment in these sectors that would not otherwise have happened”.

Claire Perry, the Government Minister for Climate Change and Industry, said in a statement:

“We led the world in setting up the Green Investment Bank and it is now being copied by others. Now that it’s in the private sector, it will be able to operate on an international level to tackle the global challenge of climate change. It is also perfectly placed to help us finance green initiatives for our Clean Growth Plan and realise the commitments set out in the Paris Agreement”.