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. Read more “Green Investment Bank”