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GIB legislation must prioritise borrowing and mandate

19th June 2012

Speaking at the Westminster Energy, Environment and Transport Forum, Andrew Raingold, Executive Director of the Aldersgate Group, said that the Green Investment Bank (GIB) must strengthen the measures for the green mandate in legislation. He noted that "investment in fossil fuel infrastructure that was more efficient than industry standards would meet the current requirements for green purposes" and it should be strengthened with reference to the Climate Change Act and explicitly ruling out dirty technologies. The Aldersgate Group is also calling for the Enterprise and Regulatory Reform Bill to include an amendment on borrowing to provide greater certainty to investors and this was raised a number of times during the Second Reading in Parliament last week.