Private GIB to keep green focus
Potential investors will have to uphold bank’s values
Privatising the UK Green Investment Bank will allow it to mobilise larger pools of capital than under government ownership and so invest in a wider range of low-carbon sectors.
This is one of the conclusions of a report by the Department for Business Innovation & Skills into the future of the UK GIB.
It said that preliminary feedback from investors shows that the interest is there because of the GIB’s “unique green specialism and business plan”.
The report added that the government expects potential investors in the bank to “maintain GIB’s green focus and values” and a major part of the sale discussions will involve investors confirming their commitment to these “values and set out how they propose to protect them”.
Therefore, “it is important that we identify credible investors in GIB who will make an enduring commitment to upholding the company’s established approach to green investment and reporting”, the report said.
Potential investors will be expected to:
- retain the green objectives in GIB’s Articles of Association;
- ensure GIB continues to invest in a way that achieves a positive green impact; and
- maintain GIB’s existing standards for reporting on its green investment performance as well as continue providing for independent assurance of this.
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