I want a green bank as soon as possible

Your article ( Huhne backtracks on bank for green projects , 15 December) is a partial account of my interview. Its headline, in particular, is wholly misleading. I remain convinced – and clearly stated in the interview – that to meet credibly the scale of the low-carbon investment challenge faced by the UK, the green investment bank must be a bank. Ducks quack, and banks borrow as well as lend. The spending review allocated £1bn of capital in 2013 and we are identifying asset sales that can provide additional funding. It is clearly true that a fully fledged bank will take time to set up. There may also need to be safeguards to protect the fiscal credibility of the UK in the short term. I want the bank to be up and running as soon as possible. To present the transitional process as a "delay" or a "scaling back" of my ambition is just wrong. Chris Huhne MP Lib Dem, secretary of state for energy and climate change • Backtracking on plans to set up a green investment bank would not only renege on the coalition agreement, it would also seriously undermine David Cameron's pledge to be the greenest government ever. Less than a month ago the prime minister assured senior MPs he was committed to a proper green bank, not a green fund. Developing a low-carbon economy is an essential ingredient of a strong and sustainable economic recovery. And a green bank able to issue bonds is critical to ensure that investment in green industries, jobs and technologies comes forward. A mere fund will not be able to leverage in the billions of pounds needed. Simon Bullock Friends of the Earth