UKYCC has today issued an open letter to the UK Government calling for a temporary halt to the sale of the Green Investment Bank (GIB) to protect future green jobs.

The letter highlights serious concerns over the intentions of the GIB’s preferred bidder, Macquarie Group. The UKYCC criticized Macquarie Group’s environmental credentials and has echoed concerns over the risk of asset-stripping of the GIB.

UKYCC has stressed the importance of the GIB in helping to support green jobs for young people and developing a clean, renewable energy system in the UK. The letter urges the UK Government to temporarily halt the sale of the Green Investment Bank and ensure that the bank retains its focus on financing low carbon initiatives.

Jamie Wylie, Policy Campaigner with UKYCC, said:

The Green Investment Bank has been vital in supporting low carbon initiatives and helping to decarbonise the UK’s energy system, but the Bank’s impressive environmental credentials now look in real danger. If the GIB is sold without safeguards to ensure its environmental ethos is retained, the UK’s transition to a low carbon economy could be under serious threat.

“Young people in the UK need the opportunity to pursue green jobs and the GIB has been really important in helping to support jobs in this sector. We’re urging the UK Government to temporarily halt the sale of the GIB and ensure that its sale does not impact negatively upon the development of green jobs for young people.
You can read our open letter to Philip Hammond here.