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Inquiry launched into green finance

The Environmental Audit Committee (EAC) is to examine financial measures outlined in the Government’s Clean Growth Strategy (CGS) and the Green Investment Group (GIG), as part of an investigation into low-carbon technology funding.

The EAC announced the inquiry after the CGS, published in November, outlined investment of £2.5bn into low-carbon energy innovation up to 2021.

Under the CGS, a Green Finance Taskforce is also to be set up to accelerate private sector investment.

In addition, £1.8bn will be allocated from the Government’s Local Growth Fund to back Local Enterprise Partnerships.

The EAC will also examine whether the GIG is meeting commitments to green projects as promised by new owner Macquarie.

Macquarie completed its £2.3bn takeover of GIG in August. Its first transaction was to sell 20 energy-from-waste facilities to the Bioenergy Infrastructure Group.

EAC chair Mary Creagh (pictured) said: “The UK needs billions of pounds of public and private investment to decarbonise the economy and upgrade our transport, energy and industrial infrastructure.

“The Government says it wants to be a global leader in green finance.

”We will scrutinise its plans in the Clean Growth Strategy, look at the Bank of England’s proposals on disclosure of climate-related financial risk, and examine what will happen to UK climate investment if we leave the European Investment Bank.”

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