GREEN INVESTMENT BANK OFFSHORE WIND FUND

That this House welcomes the announcement that the Green Investment Bank's Offshore Wind Fund has exceeded its original £1 billion investment target; notes that the Fund is the world's first dedicated offshore wind fund and Europe's largest dedicated renewable energy fund, providing long-term institutional investors with the opportunity to access the UK's green infrastructure sector; understands that the six projects the Fund has invested in have a capacity of 1.45GW producing over 4,500 GWh renewable electricity each year, resulting in the avoidance of almost 2 million tonnes of greenhouse gas emissions annually, and that the portfolio will also result in avoidance of emissions to air and consumption of fossil fuel; believes that the announcement is a strong indicator of the growing maturity of the UK offshore wind sector; further notes with concern reports that the Green Investment Bank will be asset stripped if it is transferred to the private sector; and calls on the Government immediately to halt the proposed sale of the Green Investment Bank.