Greenpeace has reacted favourably to the Conservative proposal to create a new “green bank”, although warns that they need to go further to reduce carbon emissions.

Reacting to Shadow Chancellor George Osborne’s Speech at Imperial College earlier this week, Greenpeace executive director John Sauven said:

“A new bank to drive money into green investment is a good proposal. We now need clarity on how the Conservatives would make this sufficiently ambitious to provide the tens of billions needed to create a low carbon economy and develop new green industries.

“We need to encourage long term investment from pension funds and savings schemes to fund clean energy projects.

“What’s missing from the debate is a green strategy for taxation that will reward companies and individuals that reduce their carbon emissions and save resources, and penalise those that needlessly pollute.”

We say: This is not traditionally a Conservative-supporting website, but we echo the sentiments of Greenpeace in backing the idea of a green bank. The long-term investment, if thoroughly thought-out and implemented correctly, is a brilliant idea, and we back it all the way. However, this is only an idea, and people can continue to make a difference themselves – but only if this is a community effort. Everyone has to participate, and the bank has to gain wholesale support if it is to work – and not just be an idea.