16:25 The Secretary of State for Communities and Local Government (Mr. John Denham)

The future economy must be a low-carbon economy. Taking action on climate change will generate new business opportunities and highly skilled jobs in the sectors of the future, and modernising the UK’s energy infrastructure will be the key to laying the foundations for sustainable growth. The green investment bank will support new energy projects, with an initial focus on offshore wind electricity generation, and we will help millions of people save money and energy by developing pay-as-you-save financing arrangements.

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19:06 Clive Betts (Labour)

It is also right that we should do more to ensure that parts, equipment and machinery for the green energy revolution are made in this country. I therefore welcome the commitment to a green investment bank and the decision by Siemens—another company with a base in my constituency—to start producing wind turbines here. That is another important step forward for advanced manufacturing and future industries. Sheffield now has a diversified economy, so I also welcome the help for the computer games industry, which is partly based in the city. We should think more about new industries.

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21:11 Stephen Timms (Labour)

My hon. Friend the Member for Nottingham, South (Alan Simpson) supported the proposals for separating the different functions of the banks—as, to a degree, did the hon. Member for Stratford-on-Avon. My hon. Friend wanted to see greater ambition in the proposals for a green investment bank. I know he will welcome the imminent commencement of the feed-in tariff arrangements for renewable energy. I pay tribute to him for being one of the first in the House to have called for that change. His campaign was successful, and he was an early champion of those arrangements, which will take effect in the next couple of weeks. I echo the tributes that have been paid to him today.

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