New inquiry: Green Investment Bank

The Environmental Audit Committee, chaired by Joan Walley MP, has today (16 September) launched an inquiry into Government plans to establish a Green Investment Bank. The investigation will examine the role that the Green Investment Bank could play and the specific areas it should operate in. The Committee will also explore how possible funding and governance options can maximise the Bank’s effectiveness.

The Committee is interested in receiving written evidence that looks at:

• the significance of any barriers or ‘market failures’ requiring the establishment of a Green Investment Bank, and any risks of not getting this done quickly;
• the objectives and roles the Green Investment Bank should assume, the areas it should operate (and not operate) in, and how its lending and investment decisions should balance green benefits against financial risks;
• the Green Investment Bank’s investment priorities, and whether and how the bank should support and foster areas where the UK has emerging green technology strengths; and
• the funding and governance structures required to create an effective and accountable body, including the role of ‘green bonds’.

The Committee invites organisations and members of the public to submit written evidence, setting out their views on these issues. More wide ranging responses are also welcome. Submissions should be sent to the Committee by Friday 15 October 2010. Guidance on preparing submissions is set out below.

Background:

The Coalition has announced its intention to create a Green Investment Bank. This will provide some of the £0.5 trillion some independent experts estimate that the UK needs to invest in green infrastructure to meet statutory targets to tackle climate change and increase energy from renewable sources. The Government has announced it will outline its proposals after the Comprehensive Spending Review in October 2010. The Department for Business, Innovation and Skills ‘Structural Reform Plan’ expects to develop proposals for the Bank by April 2011.

Please note:

Each submission should ideally:

• Be no more than 3,000 words in length;
• Begin with a short summary in bullet point form;
• Have numbered paragraphs; and
• Be in Word format with as little use of colour or logos as possible.

A copy of the submission should be sent by e-mail to eacom@parliament.uk and marked ‘Green Investment Bank’. An additional paper copy should be sent to:

Clerk of the Committee
Environmental Audit Committee
House of Commons
7 Millbank
London SW1P 3JA

It would be helpful, for Data Protection purposes, if individuals submitting written evidence send their contact details separately in a covering letter. You should be aware that there may be circumstances in which the House of Commons will be required to communicate information to third parties on request, in order to comply with its obligations under the Freedom of Information Act 2000.

A guide for written submissions to Select Committees may be found on the parliamentary website at: http://www.parliament.uk/documents/commons-committees/witnessguide.pdf