Green Investment Bank sold in £2.3bn deal

By Callum Rivett
Share
The government-created Green Investment Bank is to be sold to Australian bank Macquarie in a £2.3bn deal. The decision was delayed from January due...

The government-created Green Investment Bank is to be sold to Australian bank Macquarie in a £2.3bn deal. The decision was delayed from January due to stern political opposition by Labour, the Liberal Democrats and the Green party, but it is thought that the government has managed to push through the controversial deal before the June General Election. 

Climate minister Nick Hurd is expected to make an announcement on Thursday, promoting the deal as maximising value for the taxpayer as well as maintaining the bank's environmental mission and values. 

This, however, has been rejected by former ministers, who claim that the taxpayers is being shortchanged as the assets currently held will be worth far more later. They have also questioned the values and track record of Macquarie, who bought Thames Water in 2006. 

The publically-owned Green Investment bank currently manages the world's first offshore wind fund, but there are fears that Macquarie will not stay true to the bank's purpose and will instead begin asset-stripping. 

Macquarie have insisted that they are the right company to take Green Investment Bank forwards, stating: "In meeting the responsibilities that come with owning and managing public assets … [we] have a strong track record of ongoing capital investment to support operational growth." 

Share

Featured Articles

Schneider Electric Welcomes Olivier Blum as New CEO

One of the world's most sustainable companies, Schneider Electric appoints Olivier Blum as CEO to drive its next phase in sustainable energy management

How Extreme H is Changing Hydrogen Fuel Perceptions

Extreme H’s car is the first hydrogen-powered racing car to pass FIA crash testing ahead of the series’ launch in 2025, bringing new eyes to hydrogen fuel

Google Boosts Data Centre Power with Nuclear Energy

Exploring Google's venture into nuclear energy for sustainable power in its data centres, aiming for a clean energy future.

Is Burning Rubbish for Electricity a ‘Disaster for Climate’?

Sustainability

SAVE THE DATE — Sustainability LIVE: Net Zero 2025

Sustainability

How Huawei’s Solutions Underpin the Revolution in Renewables

Smart Energy