First of all, I am proud of the work done by the Government to support green infrastructure through the GIB. The GIB has proven to be a pioneering venture into sustainable investment, and has now committed £2.6 billion of capital to 79 green infrastructure projects across the UK since its launch.
However, as the Independent Chair of the Bank, Lord Smith, has said, attracting new investors is vital if the GIB is to fund its ambitious plans to double the size of its business, expand into new parts of the green economy and deliver more environmental benefits. Indeed, the Government has always been clear that the GIB was designed with a view to a possible transfer to the private sector. The company was designed to leverage the maximum amount of private capital into green sectors for the minimum amount of public money. Moving the company into private ownership is a natural development that further delivers this aim.
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