Responding to George Osborne’s announcement on spending cuts today, Greenpeace executive director John Sauven said:
“Billions of pounds for a new green bank could provide thousands of new jobs and make Britain a world leader in cutting-edge low-carbon technologies.
“But the green bank has to be a bank. A poorly financed fund is not a green bank. It doesn’t have the financial clout, or the independence to do the job, and will end up as nothing more than an ill-equipped quango.
“That’s why it was so important that Nick Clegg welcomed the green bank earlier today, even before the Chancellor stood up.
“So if this government wants to live up to its own billing as the greenest ever, this bank must be independent and properly financed.
“Anything less will dash hopes of a new green economy for Britain, and our chances of tackling climate change and energy security.”
Yesterday four Greenpeace campaigners scaled the Treasury and dropped a large banner asking the Chancellor to back a green investment bank.
A green bank, say Greenpeace, should:
- Have the mandate to fund clean energy and energy efficiency projects
- Be established through primary legislation to ensure accountability to the taxpayer
- Have the power raise money through the issue of bonds
- Be capitalized with at least £6bn from government
A recent report by Ernst and Young said that without investing £4-6billion in a green investment bank, the UK’s low-carbon competitive advantage could be lost. And HSBC have said that today’s announcement by the Chancellor is the government’s first test of its green credentials.
ENDS
Greenpeace press office: 020 7865 8255
