Claire Perry Welcomes The Green Investment Bank

On the 24 March 2011, Claire Perry, MP for the Devizes constituency asked Chris Huhne, the Secretary of State for Energy and Climate Change if the Chancellors' announcements during the budget yesterday on the capitalisation and scope of the Green Investment Bank, would help Britain achieve its carbon emissions reduction targets

Speaking after the parliamentary session, Claire said:

"I was very encouraged to hear the Secretary of State heartily endorse yesterday's Budget announcement of the creation and capitalisation of a Green Investment Bank that will begin operations next year. He agreed with me that this would do much to inspire confidence in Britain's ability to cut its own carbon emissions by 34% by 2020. With this bank we will be able to invest sooner in green infrastructure, create green jobs, wean ourselves off foreign oil and gas and improve our environment"

Notes:

1. In the budget, the Chancellor of the Exchequer announced £2 billion pounds extra for the Green Investment Bank, giving it £3 billion of capital and enabling it to start operation in 2012 – a year early. Government investment alongside private finance should mean that there is £18 billion of investment in green infrastructure. The GIB will have borrowing powers from 2015-16.

2. Chris Huhne's response to Claire's question on the GIB was that it was "one of the most important announcements" of the Budget and that "the fact that the bank will begin to borrow and lend before the big amount of energy investment in offshore wind is very crucial".

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