With this it will be convenient to discuss the following:
New clause 25—The UK Green Investment Bank: prohibition on investment in nuclear power or the nuclear industry—
‘The UK Green Investment Bank may not engage in activities that involve facilitating or encouraging investment in nuclear power or the nuclear industry.’.
Amendment 77, page 1, line 11, clause 1, at end add—
‘(3) In undertaking investments in accordance with the green purposes outlined in subsection (1), the UK Green Investment Bank will identify opportunities in which small and medium-sized enterprises can be awarded contracts.’.
Government amendments 1, 2 and 3
Amendment 76, page 3, line 24, clause 4, at end add—
‘(7) Subject to the approval by the European Commission of the State aid notification concerning the establishment of the UK Green Investment Bank, the Secretary of State shall provide the European Commission with State aid notification concerning the intention to allow the Bank to borrow, including borrowing from the capital markets.
(8) The duty in subsection (7) must be fulfilled no later than 31 December 2013.
(9) It is the duty of HM Treasury and the Secretary of State to either—
(a) permit the UK Green Investment Bank to begin borrowing from the capital markets by April 2015, or
(b) to present to Parliament a report within one month of the passage of this Act giving a clear, certain, alternative date for the UK Green Investment Bank to begin borrowing, based on Office for Budget Responsibility forecasts for the public finances and advice from the Green Investment Bank on its need for borrowing powers,
both subject to the European Commission approving the State aid notification concerning borrowing.’.
Amendment 89, page 3, line 24, clause 4, at end add—
‘( ) Subject to approval by the European Commission of the State aid notification concerning the establishment of the UK Green Investment Bank, it is the duty of the Secretary of State to provide the European Commission with State aid notification concerning the intention to allow the Bank to borrow, including borrowing from the capital markets.
( ) The duty in the above subsection must be fulfilled no later than 31 December 2013.
( ) In the event the European Commission approves the State aid notification concerning borrowing, it is the duty of the Treasury and of the Secretary of State to permit the Green Investment Bank to begin borrowing from the capital markets no later than 30 June 2015, or, if State aid approval has not been received by that date, no later than one month from the date of approval.’.
Government amendments 4 and 5
Amendment 78, page 4, line 9, clause 6, at end add—
‘(5) The Secretary of State will be required to receive independent expert review of the performance of the UK Green Investment Bank.
(6) The Secretary of State will be required to receive such a review no less than every five years.
(7) An interim review no less frequently than every two and half years.
(8) The independent expert review in subsection (5) must, in particular, include or contain information relating to—
(a) an assessment of the UK Green Investment Bank’s environmental performance in fulfilling the green purposes as set out in section 1.
(b) an analysis of the main trends and factors likely to affect the future development, performance and investments of the UK Green Investment bank,
(c) macroeconomic analysis, including assessments of demand in the UK economy and international factors likely to affect green investment and skills within the relevant industries,
(d) assessment of the competitiveness of the UK Green Investment Bank in securing competitive advantage for the UK in green and low carbon economies relative to other countries, and
(e) recommendations to improve the UK Green Investment Bank’s impact in fulfilling its green purposes in section 1.
(9) Prior to the commencement of a review in relation to subsection (5), the Secretary of State must request the views of—
(a) The Secretary of State for Energy and Climate Change,
(b) The Secretary of State for Environment, Food and Rural Affairs,
(c) The Committee on Climate Change,
(d) Ministers from the devolved administrations,
(e) investors and interested parties, and
(f) members of the public,
and provide a copy of the results of the consultations to the person or persons undertaking the independent review.
(10) The Secretary of State, in the capacity of shareholder, must provide such information as he considers reasonable to enable the person or body undertaking the review to fulfil the requirements of this subsection.
(11) A review made in relation to subsection (5) must be published and laid before both Houses of Parliament.’.