Commentary on Sections Summary and Background
23.This Part of the Act makes provision relating to the UK Green Investment Bank plc.
24.The UK Green Investment Bank plc is a public company established by the Secretary of State under the Companies Act 2006 (“CA 2006”) to facilitate and develop investment in the green economy.
25.The following sections have two main purposes. The first is to ensure that the UK Green Investment Bank plc engages only in activities that contribute to achieving one or more of the statutory ‘green purposes’ and that its investment activities would, taken as a whole, be likely to contribute to a reduction of global greenhouse gas emissions. The second is to require the Secretary of State to provide an undertaking to the UK Green Investment Bank plc in order to facilitate its operational independence.
26.The sections also permit the Secretary of State to provide funding to the UK Green Investment Bank plc on an ongoing basis, as well as imposing certain enhanced reporting and accounting obligations on the Bank upon designation.