Green Investment Bank

I have signed Early Day Motion (EDM) 863 which states:

That this House welcomes the announcement that the Green Investment Bank’s Offshore Wind Fund has exceeded its original £1 billion investment target; notes that the Fund is the world’s first dedicated offshore wind fund and Europe’s largest dedicated renewable energy fund, providing long-term institutional investors with the opportunity to access the UK’s green infrastructure sector; understands that the six projects the Fund has invested in have a capacity of 1.45GW producing over 4,500 GWh renewable electricity each year, resulting in the avoidance of almost 2 million tonnes of greenhouse gas emissions annually, and that the portfolio will also result in avoidance of emissions to air and consumption of fossil fuel; believes that the announcement is a strong indicator of the growing maturity of the UK offshore wind sector; further notes with concern reports that the Green Investment Bank will be asset stripped if it is transferred to the private sector; and calls on the Government immediately to halt the proposed sale of the Green Investment Bank.

The Green Investment Bank was established under the Climate Change Act 2008 by the last Labour Government. It seeks to bring funding to the renewable energy projects which would not receive such funding from the private sector.

This has worked particularly well for the offshore wind farms found off the North Wales coastline. The EDM praises the work of the Green Investment Bank and its impact in reducing carbon emissions.

The EDM goes onto note with concern that reports coming from central government indicate that the Green Investment Bank will be asset stripped undermining all the positive outcomes that it has achieved.

The Green Investment Bank was a great achievement by the last Labour Government. Not only did it drive forward the UKs uptake of low-carbon energy, but it also helped to create thousands of jobs up and down the country – including right here in Mostyn.

Signing this EDM puts on record our appreciation of the Green Investment Bank, but it also shows the Government that I will not stand idly by if they intend to asset strip the bank. For something that has done so much good and at a good value for money it would be ridiculous to undermine it.

Climate change is a clear and present threat to our way of life. If we fail to tackle it now then we will be leaving a catastrophe for the next generation to rectify. I will be watching the Government very closely to ensure that they continue to support the Green Investment Bank and all the good work it has done for Flintshire.