The Green Investment Bank was launched in 2012 to spur investment in renewable energy, energy efficiency and other parts of the “green economy”, but sold by government last year to Australian bank Macquarie for £1.6bn., at a profit of £186m
The public accounts committee said it was unclear whether the bank would continue to support the government’s energy policy or climate change goals, because the bank’s new owner is not legally bound to stick to its green aims. It said that ministers and officials had, in their rush to get the bank off the government’s books as quickly as possible, failed to explore whether they could have won stronger green commitments from Macquarie.
The public accounts committee said it was unclear whether the bank would continue to support the government’s energy policy or climate change goals, because the bank’s new owner is not legally bound to stick to its green aims. It said that ministers and officials had, in their rush to get the bank off the government’s books as quickly as possible, failed to explore whether they could have won stronger green commitments from Macquarie.
In addition, the spending watchdog said the government had sold the bank before assessing its impact, and was unable to say if it had achieved its objectives.
The government established a “special share” to protect the bank’s green goals, but the MPs said the trustees of the special share had no powers to approve investment decisions or influence the privatised bank’s investment strategy.
A Guardian columnist writes, "The rough summary of its report runs as follows: in their eagerness to trim a few quid from the national debt ministers accepted a few airy pledges from Macquarie about future investment and called them commitments."
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