UK Infrastructure Bank Act 2023

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

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 25, after “including” insert “energy efficiency measures and”

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 23, after “technologies” insert “, nature-based solutions”

Clause 2, page 2, line 2, at end insert— “(ba) energy efficiency and energy security,”

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 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, at end insert— “(c) to help close the productivity gap between the different regions of the United Kingdom.”

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

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

Clause 2, page 1, line 25, after “heat” insert “and, in relation to electricity, gas and the provision of heat, energy efficiency”

Clause 2, page 1, line 22, at end insert— “(4A) Before making any investment decision, the Bank must ensure that the principle of additionality is met.

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

Clause 2, page 2, line 4, at end insert “, and clean air”

Clause 2, page 1, line 13, leave out “and”

Clause 2, page 1, line 14, at end insert “, with an emphasis on reducing social or economic disadvantages within the United Kingdom.”

Clause 2, page 2, line 4, at end insert “, or the removal of harmful pollutants from the atmosphere.”

Clause 2, page 2, line 4, at end insert— “(5A) In exercising its functions, the Bank must have regard to the public interest in targeting investment in a manner that—

Clause 2, page 2, line 9, leave out subsection (7) and insert— “(7) Regulations made under the powers set out in subsection (6) are subject to the “super affirmative procedure” as set out in subsections (8) to (15).

Clause 4, page 2, line 30, at end insert “and any subsequent, consequential or relevant correspondence between the Treasury and the Bank.”

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

Clause 2, page 1, line 13, at end insert— “(aa) to help increase biodiversity and the growth of nature, and protect natural capital including by supporting actions to meet environmental targets and environmental improvement plans set under Chapter 1 of Part 1 of the Environment Act 2021, and”

Clause 2, page 1, line 14, leave out paragraph (b) and insert— “(b) to reduce economic and social disadvantage within the United Kingdom”

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

Clause 3, page 2, line 13, leave out “for the Bank” and insert “and a modified Bank framework document for the Bank, which must be drafted so as to be consistent with the statement”

Clause 3, page 2, line 16, after “statement” insert “or modified Bank framework document”

Clause 3, page 2, line 17, after “statement” insert “or modified Bank framework document”

Clause 3, page 2, line 18, after “statement” insert “or of any revised or replacement modified Bank framework document”

Clause 2, page 1, line 23, after “includes” insert “structures underpinning the circular economy, and nature-based solutions,”

Clause 2, page 1, line 13, leave out “and”

Clause 2, page 1, line 18, leave out “relevant”

Clause 7, page 3, line 23, at end insert— “(ba) the Board is to appoint one or more directors to be responsible for ensuring that the Board considers the interests of the appropriate national authorities when making decisions;”

Clause 2, page 2, line 16, at end insert— “(7A) The Treasury must consult the appropriate national authority before making provision in regulations under subsection (7) that would be within the legislative competence of—

Clause 2, page 1, line 23, leave out from “includes” to “technologies” on line 24

Clause 2, page 2, line 8, leave out subsection (6)

Clause 3, page 2, line 26, at end insert— “(4A) The Treasury must consult the appropriate national authority about any provision which the Treasury proposes to include in a statement under this section and which concerns a subject matter provision about which would be within the legislative competence of—

Clause 7, page 3, line 23, at end insert— “(ba) at any time, the Bank is to have at least one non-executive director who is a representative of workers.”

Clause 9, page 4, line 14, at end insert “, and “(c) the effectiveness and scale of private and other third-party capital attracted to investments by the Bank.”

Clause 2, page 1, line 14, at end insert— “(c) to reduce economic inequalities within and between regions of the United Kingdom, and

Clause 2, page 1, line 14, at end insert “, and “(c) to support supply chain resilience and the United Kingdom’s industrial strategy”

Clause 9, page 4, line 24, leave out “7” and insert “5”

Clause 9, page 4, line 21, leave out “7” and insert “4”

Clause 2, page 2, line 12, at end insert “, and “(c) demonstrates additionality in the form of attracting private capital.”

Clause 4, page 2, line 38, at end insert “and any subsequent, consequential, or relevant correspondence between the Treasury and the Bank.”

Clause 9, page 4, line 21, leave out from “Treasury” to end of line 22 and insert “12 months and the second report within 24 months of the day on which this Act comes into force”

Clause 9, page 4, line 24, leave out “7” and insert “2”

Clause 9, page 4, line 14, at end insert— “(c) the geographic spread of the businesses and bodies the Bank invests in, and

Clause 7, page 3, line 20, at end insert “of which at least four must be non-executive directors”

Clause 7, page 3, line 20, leave out “fourteen” and insert “eight”

Clause 2, page 1, line 14, at end insert “, and “(c) to create long term financial returns to its shareholder(s).”

Clause 9, page 4, line 39, leave out “7” and insert “5”

To move the following Clause— “Future of the Infrastructure Bank

Clause 2, page 1, line 14, at end insert “, and (c) to improve water quality in the UK.”

Clause 2, page 1, line 22, at end insert— “(4A) The Bank may only provide any of the support listed in subsection (4) to water companies if they have produced a costed, time limited plan demonstrating they are committed to preventing discharge.”

Clause 2, page 2, line 9, leave out “consult” and insert “gain the express consent of”

To move the following Clause— “Businesses and bodies the Bank invests in

Clause 2, page 1, line 14, at end insert— “(i) to reduce economic inequalities within and between regions of the United Kingdom, and