It was interesting to see Nick Clegg given a day out with the Green Investment Bank last week. We had him ‘announcing’ the detail of the GIB in a speech to climate Change Capital on May 23rd. As far as I am aware, he hasn’t had any hand at all in the development of the bank or its details, so an obvious choice to make the announcement then….. But maybe there’s something else there that I missed. Nick was, of course effusive about the GIB , and encouraged us not a little by telling us that ‘ we are….looking at the potential for using the bank to help deliver the first stages of the Green Deal’.
That could be good: we’re just going into the Committee stage of the Energy Bill with a lot of questions about financing hanging over the proceedings, and the emergence of the GIB as a possible aggregate guarantor or funder of Green Deal packages would, among other things enable the interest rate levied to be stabilised or reduced, and get much more steam out of the Green Deal machine.
But wait: anxious to hear confirmation of Nicks good news from the mouth of Vince Cable, the person who was really announcing the detail of the GIB in Parliament the next day, Labour’s Luciana Berger asked whether GIB really was going to underwrite packages for the Green Deal.
‘There has been no change to the policy. The Green Deal has a very sound business model. It will proceed and it will be successful. We do not rule out the possibility of the Green Investment Bank complementing and working with its activities’, said Vince. (trs. nte: blvd OE. Rare. Usually translated as ‘probably not’).
So that’s cleared that up. We’ll have to wait and see, I guess.