ICE urges government to take longer term view on green bank
Commenting on the Environment Audit Committee report into the Green Investment Bank,
Institution of Civil Engineers (ICE) Director General Tom Foulkes said:
“The current state of public finances has clearly created concern within Government about creating an institution with powers to borrow on the public sector balance sheet, but as the EAC rightly points out, a Green Investment Bank without these powers will struggle to generate the huge scale of investment required and could reinforce a negative impression about the UK’s approach to infrastructure development.
“We urge Government to take a longer term view and set up the GIB in a way that allows it to grow into a permanent institution with powers to issue debt and raise funds on capital markets, even if these powers are restricted in the short term. This would be a real statement of intent and help provide the confidence and certainty that will be needed to lure large volumes of private investment into our infrastructure networks.”
More information
For further information:
Kate Ison, ICE Media Relations Manager,
t: 020 7665 2104
e: kate.ison@ice.org.uk
Notes to editors
The Institution of Civil Engineers (ICE) was founded in 1818 to ensure professionalism in civil engineering. It represents 80,000 qualified and student civil engineers in the UK and across the globe. The ICE has long worked with the government of the day to help it to achieve its objectives, and has worked with industry to ensure that construction and civil engineering remain major contributors to the UK economy and UK exports.