Further written evidence submitted by
the Rt Hon Vince Cable MP
Thank you for your letter of 3 November updating
me on the progress of your inquiry into the Green Investment Bank
(GIB).
I welcome the Committee's work on the design, financing
and remit of the Green Investment Bank. We are committed to working
with you and with the private sector to create an effective, transparent
and affordable institution.
I understand that Aldersgate Group's recent Green
Investment Bank summit gave a clear message to Government to maintain
momentum following the recent Spending Review announcement. This
is certainly my ambition and why my department has undertaken
to complete and publish the design of the institution by May 2011
and to make it operational by September 2012.
I hope that this timetable will give your committee
time to report its views.
Consistent with the need for pace, work on the "incubator
phase" of the GIB has already commenced. We are, however,
looking to create an enduring institution which can grow, meet
new challenges and fulfil its potential. I can reassure you that
the current work will not prejudice decisions over the long term
path for the institution.
Working together, I am confident that we can create
a Green Investment Bank which will support the country's economic
growth and make significant contributions to our environmental
and carbon reduction goals.
16 November 2010
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