Carbon Expert – Government hints at green stimulus plans

Business secretary Vince Cable praises efforts to promote investment in energy efficiency and clean energy

Vince Cable has hinted that the government is planning to step up support for the UK's low carbon economy, hailing the successful launch of the Green Investment Bank and promising that a green economic stimulus package remains a top priority for the Liberal Democrats.

Speaking in his keynote address at the Party's annual conference in Birmingham, Cable said that despite the tough economic climate the coalition had proved that it was committed to supporting the emerging clean tech sector, name checking the formation of the Green Investment Bank.

He also hinted strongly that Lib Dems were working on plans for a new growth strategy that would focus on the green economy, arguing that the Party was pushing for a stimulus package capable of driving "sustainable growth based on business investment, exports, green technology and manufacturing".

Mr.Cable said that the Regional Growth Fund and the Green Investment Bank would serve to leverage private sector investment.

"There are tens of billions of pounds of British savings in pension funds and insurance companies ready to invest in transport, energy, broadband and housing if regulators can ensure a reasonable, moderate return," he said.

In another move that could prove significant for green investors, Cable announced that he had asked Professor John Kay and former Rolls Royce chief executive Sir John Rose to lead an investigation into "how we get stock markets and institutional investors out of their short term, speculative mindset".

The speech follows a report in the Financial Times last week based on government sources who said the Treasury and the Department for Business were actively investigating measures designed to stimulate green investment that could be announced in the autumn.

Green groups have been calling for a wide range of reforms designed to stimulate low carbon investment.

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