UK Business Secretary Sajid Javid today said in a statement that Her Majesty’s Government is proposing changes to the Enterprise and Regulatory Reform Act 2013 to facilitate the re-classification of UK Green Investment Bank plc (GIB) as a private sector enterprise. The statement can be viewed in full here.
In response, Lord Smith of Kelvin, independent chair of the UK Green Investment Bank, said:
GIB has ambitious plans to double the size of our businesses over the next three years and expand into new parts of the UK green economy like energy storage, heat networks and low carbon transport. To do this we need to secure a long-term funding plan based on new investors and the ability to borrow. We can only achieve that if GIB is de-classified as a public sector body, which is the intention of the legislation proposed by the UK Government.
GIB is a global centre of expertise in green investment. Our green mission has defined our business model, it motivates our team and it will attract new investors. We will work with the Government to make sure that the mission, and the policies and procedures that underpin it, continues to play as big a part in the future of the organisation as they have in its past.
Notes to editors
About the UK Green Investment Bank
UK Green Investment Bank plc (GIB) was launched in November 2012. With £3.8bn of funding from the UK Government, it is the first bank of its kind in the world. It is a “for profit” bank, whose mission is to accelerate the UK’s transition to a greener economy, and to create an enduring institution, operating independently of Government.
GIB is wholly owned by HM Government. The Company is not authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority. A wholly owned subsidiary UK Green Investment Bank Financial Services Limited, is authorised and regulated by the Financial Conduct Authority.