UK Infrastructure Bank Bill [HL]

After Clause 1, insert the following new Clause—

“Regulation

Clause 2, page 1, line 9, at end insert—

“(2A) The statement must also outline how the Bank will, when carrying out its activities, balance the objectives under subsection (3), to ensure its activities do not cause environmental harm.”

Clause 2, page 1, line 11, leave out from “change” to end of line 13 and insert “and biodiversity loss, including by—

(i) supporting efforts to meet the target for 2050 set out in section 1 of the Climate Change Act 2008 (the target for 2050), or

Clause 2, page 1, line 12, at end insert “and

(ii) to adapt to any current or predicted impacts of climate change identified in the most recent report under section 56 of the Climate Change Act 2008,

Clause 2, page 1, line 14, leave out paragraph (b) and insert—

“(b) to help increase biodiversity, the growth of nature and the provision of nature based solutions, including by supporting actions to meet environmental targets and environmental improvement plans originating from Part 1, Chapter 1 of the Environment Act 2021,

Clause 2, page 1, line 14, leave out paragraph (b) and insert—

“(b) to reduce geographical inequality through supporting regional and local economic growth in areas of economic disadvantage.”

Clause 2, page 1, line 14, leave out paragraph (b) and insert—

“(b) to improve the life outcomes of people in disadvantaged areas.”

Clause 2, page 1, line 14, at end insert “, with a specific focus on the creation of jobs”

Clause 2, page 1, line 14, at end insert—

“(c) to help close the productivity gap between the different regions of the United Kingdom.”

Clause 2, page 1, line 14, at end insert—

“(c) to reduce to sustainable levels the United Kingdom's use of natural resources and emissions of non-greenhouse pollutants, and

Clause 2, page 1, line 17, at end insert “including the nation’s housing, commercial, industrial and public building stock for the purposes of improving energy efficiency,”

Clause 2, page 1, line 22, at end insert—

“(4A) In carrying out its activities under subsection (4), the Bank must ensure that its activities are undertaken only where there is an undersupply of private sector financing in respect of those activities.”

Clause 2, page 1, line 22, at end insert—

“(4A) The Bank must not act in relation to a project under subsection (4)(a) to (c) if the project relates to infrastructure that is not inclusive by design.

Clause 2, page 1, line 22, at end insert—

“(4A) In carrying out its activities under subsection (4) the Bank must ensure that its activities are undertaken in compliance with the following Operating Principles—

Clause 2, page 1, line 23, after “technologies” insert “, nature-based solutions”

Clause 2, page 1, line 24, leave out paragraph (a) and insert—

“(a) provision and conservation of water, renewable electricity, telecommunications, sewerage and other services (including the provision of heat from environmentally friendly sources), and security and health of food supplies,”

Clause 2, page 1, line 25, after “including” insert “energy efficiency measures and”

Clause 2, page 2, line 1, leave out “roads or other forms of” and insert “and other forms of mass”

Clause 2, page 2, line 2, at end insert—

“(ba) energy efficiency and energy security,”

Clause 2, page 2, line 4, at end insert “, the circular economy, and protection of the natural environment.”