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Javid downplayed fears that it would lose its green purpose.
Sources close to the privatisation process also said the bank's green purpose would be guaranteed until the special share is in place.
Campaigners said that changes proposed on Tuesday by small business minister Anna Soubry effectively delete the clause enshrined in legislation that gives the green investment bank its green purpose.
At the bank's beginning, the government argued that the clause guaranteeing its green mission was legislated for because "legislation provides that the bank will always have a green purpose clause".
Writing on BusinessGreen when the initial privatisation plan was announced, GIB chief executive Shaun Kingsbury said those concerned about the bank's green remit being diluted should be aware that "first, our green purpose is written into law.
The Green party leader, Natalie Bennett said: "There's always been a big question mark over exactly how green the green investment bank actually is and should the government remove the green purpose from the bank, then it'll be yet another example of greenwashing from this government.
Similar(54)
But in its current form, the bill defines the green purposes of the GIB in worryingly broad terms.
But the bank's enabling legislation also sets out five "green purposes" that the bank must pursue: reducing greenhouse gas (GHG) emissions; more efficient use of natural resources, the protection or enhancement of the natural environment; the protection of biodiversity; and the promotion of the natural environment.
Using financial instruments such as tax and subsidy, how can a government intervene in competition of the power plants such that green purposes can be achieved?
(Under the proposed definition, both would count).... Another problem comes in weighing green purposes against green execution: We could count, for example, public-transit train operators as green workers.
The use of local excavation material for greening purposes thus can be confirmed.
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