Green Investment Bank

Further written evidence submitted by the Rt Hon Vince Cable MP (GIB 41a)

Thank you for your letter of 3rd 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