Greens comment on sale of Green Investment Bank

The Scottish Greens have questioned the green credentials of the Green Investment Bank after it was sold to a company that has invested billions of pounds in fossil fuel projects.

Australian bank Macquarie has a history of investing in fracking and opencast coal mining projects and Green MSP Mark Ruskell says that it’s therefore unlikely that the company would make any significant investment that would make fossil fuels “redundant”.

Mark Ruskell MSP, the Scottish Greens’ climate and energy spokesperson, said:

“The idea that the former bank will remain a truly green organisation is laughable. Why would the new owners allow for genuine green investments to be made if they are going to impact on the profitability of the company’s previous financial decisions? I don’t expect the public to fully trust that this new Green Investment Group will make the right investments in renewables project that could eventually make fossil fuel methods redundant.”