Green Growth Event with the Deputy Prime Minister, Rt Hon Nick Clegg MP, and CBI Director-General, John Cridland

Creating a Sustainable Economic Recovery

On Monday 23rd May the Deputy Prime Minister, Nick Clegg MP, delivered an important speech at Climate Change Capital and Norton Rose's offices on climate change and the green economy, giving more detail on how the Coalition will meet its ambition to be the greenest government ever. In his speech he set out details for how the Government would quickly create an effective and permanent UK Green Investment Bank - the first green national development bank in the world - that will work over the long term in the UK national interest. The UK GIB will help deliver the infrastructure investment required to deliver our low carbon transformation, while also laying the foundation for long-term, balanced growth.

He also set out how the Coalition will legislate to create an enduring and operationally independent UK GIB with the power to borrow independently. This is a decisive development and will guarantee that the GIB will play a key role in delivering Britain's low carbon future, while operational independence from Ministers and civil servants can ensure effectiveness and build confidence with private sector partners.

Climate Change Capital has always believed that a UK GIB institution can play a vital role in catalysing the quantum of capital - especially the deep pools of low cost capital held by institutional investors - required to deliver a cleaner, safer low carbon future at the lowest possible cost.

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On Monday 23rd May the Deputy Prime Minister, Nick Clegg MP, delivered an important speech at Climate Change Capital and Norton Rose's offices.

 

Jump to James Cameron's introduction

CCC's executive director and vice chairman makes the opening remarks and outlines the format for the debate.

 

Jump to the Deputy Prime Minister's speech

Nick Clegg announces the creation of the world's first Green Investment Bank, which will have operational independence, a guaranteed £3 billion for initial capitalisation and will be ready to make investments from April 2012.

 

Jump to John Cridland's speech

The director-general of the CBI calls for the Green Investment Bank to deliver large-scale, mainstream economic growth, leveraging the £450bn we need by 2025 that'll bring jobs and opportunities to the UK.

 

Jump to Q&A session

Questions from James Cameron and the audience include: the GIB's timetable and its ability to issue bonds; the introduction of a carbon floor price; the Government's ability to keep Britain competitive while generating green growth and whether the £3bn set aside for the GIB is sufficient to support Britain's low carbon future.