|Queenâ€™s speech: Green Investment Bank will be established in legislation|
9 May 2012
The Queen's speech has confirmed that legislation will be introduced to establish the Green Investment Bank (GIB). Environmental law NGO ClientEarth worked with Transform UK to demonstrate the legal reasons why legislation was needed to establish the GIB in order to improve the permanence and independence of this vital institution.
David Holyoake, law and policy advisor at ClientEarth, said:
“The news that the Bank will be established in legislation gives us reason to be hopeful that it will be able to perform its role successfully. However, it remains to be seen whether this legislation will provide certainty that it will become a real bank and be allowed to borrow within a couple of years. This is essential if the Bank is to play a role as an engine for economic growth. It is vital for the Bank to be able to direct the scale of finance necessary to meet decarbonisation and other environmental challenges during the next critical decade.”
“The legal architecture must also secure sufficient independence for the Bank from government, and enshrine a green mandate giving assurance that the Bank's investments will be truly green, and not at risk of being hijacked by other competing political agendas.”
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