Moved by
Baroness Kramer
20: After Clause 15, insert the following new Clause—
“PRA: Green Investment Bank
(1) The PRA must carry out its functions in a way that it considers will secure the provision of a “Green Investment Bank” service in the United Kingdom.
(2) The PRA shall by rules specify the purposes that it considers should be supported in the United Kingdom by the provision of a “Green Investment Bank” service.
(3) Rules under subsection (2) shall include the following purposes—
(a) the reduction of greenhouse gas emissions;
(b) the advancement of efficiency in the use of natural resources;
(c) the protection or enhancement of the natural environment;
(d) the protection or enhancement of biodiversity; and
(e) the promotion of environmental sustainability.
(4) In subsection (3)(a), “greenhouse gas” has the meaning given by section 92(l) of the Climate Change Act 2008.”