In the first Fracking Week in Parliament of 2017, MPs question the climate change minister over whether the Green Investment Bank will be allowed to fund fracking.
Thanks to TheyWorkForYou.com for the transcripts
11 January 2017
Questions on the sale of the Green Investment Bank
Question by Kevin Brennan, Shadow Culture Minister, Labour, Cardiff West
I remind the Minister that during the passage of the Bill that became the Enterprise Act 2016, the Government rejected a Labour amendment that would have guaranteed the green purpose of the bank. Will he give an assurance today? After privatisation, will the bank be free to invest in fracking projects?
Reply by Nick Hurd, Climate Change Minister, Conservative, Ruislip, Northwood and Pinner
Let me respond to the hon. Gentleman’s substantive point about the protection of the green purpose. If he doubts the integrity of the mechanism that we have established, that is fine, but I think Parliament has recognised that it is a robust mechanism, whereby the green purpose is set in the articles of association and any change must to be given effect by an affirmative resolution of the trustees. It is worth our noting the integrity of those people: James Curran MBE, Trevor Hutchings, Tushita Ranchan, Lord (Robin) Teverson—a very public sceptic of this process—and Peter Young. That is a very good group of people, selected by a rigorously independent process to safeguard the integrity of the green purpose, which is a priority for the Government.
Question by Jenny Chapman, Shadow Minister on exiting the European Union, Labour, Darlington
For the sake of transparency, can the Minister tell the House whether the GIB will be able to invest in fracking in the future?
Reply by Nick Hurd
The GIB will be required under this process to continue to respect the green purpose of the organisation, as set out in the articles of the association. The degree to which investment proposals fit those criteria is a judgment to be made by management and the trustees that we have set up to be independent guardians of this process.
Also this week: Nick Hurd backs shale gas in his evidence to the Business, Energy and Industrial Strategy Select Committee. DrillOrDrop report