Part 8: Other Enterprise-Related Provisions UK Green Investment Bank
The UK Green Investment Bank plc (GIB) is a public company established by the Secretary of State under the Companies Act 2006 to facilitate and develop investment in the green economy. GIB is currently funded by 100% equity from the Government and is entirely Government owned.
	The Enterprise and Regulatory Reform Act 2013 (ERRA 2013) contains provisions to ensure that GIB engages only in activities which contribute to "green purposes". ERRA 2013 also required the Secretary of State to provide an undertaking to the GIB in order to facilitate its operational independence, permits the Secretary of State to provide funding to GIB, and imposes certain enhanced reporting and accounting obligations on GIB.
	These sections repeal some of the legislation on GIB contained in the ERRA 2013, in preparation of the Government’s disposal of part or all its interest in the GIB. In particular, the repeal removes elements of Government control over the corporate policy of GIB contained within the ERRA 2013. The intention behind the repeal is to facilitate the GIB’s re-classification to the private sector following a sale.
	The Government has published additional information on the policy background for GIB, its plans to bring in private capital, and the need to re-classify GIB to the private sector, in its policy statement "Future of UK Green Investment Bank plc".
	These provisions extend to the United Kingdom.