The Secretary of State for Business, Innovation and Skills and President of the Board of Trade (Sajid Javid)

In the debate on the Budget in March, the then Secretary of State for Business updated Parliament about work to explore options for bringing in additional capital into the Green Investment Bank as a way to ensure it is an enduring institution and has the operational freedom for investment across the green economy. We have therefore been exploring options for how best to get that capital and, with my right hon. Friends the Secretary of State for Energy and Climate Change and the Secretary of State for the Environment, Food and Rural Affairs, we have concluded that the best approach is to move GIB into private ownership subject to ensuring we achieve value for money. This should bring a number of important benefits, giving GIB greater freedom to operate across a wider range of green sectors in accordance with its green purposes, which are enshrined in legislation.

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