Tories to offer green ISAs

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The party is pledging "generous" allowances for people who pump cash into environmentally responsible firms.

Shadow chancellor George Osborne said the "GISAs" were designed to allow the public to "engage positively" in the battle against climate change.

Companies would need to gain an official "green kitemark" in order to qualify for investment under the scheme,- which would be available on top of the current maximum £7,000 stocks and shares ISA allowance.

Organisations such as Marks & Spencer and GlaxoSmithKline - which are committed to major reductions in carbon emissions - would be prime candidates, according to Tory sources.

Mr Osborne said: "Seventeen million people have ISAs. This is a way for people to engage positively in the fight against climate change and it provides a strong incentive for companies to play their part too, without the heavy hand of Government regulation.

"It's about creating a can-do culture on the environment, not a can't do lecture. People will literally be able to Save for the Planet."

Mr Osborne will announce details of the proposals in a speech at Imperial College on Thursday evening.

The Conservatives are setting up a working group led by former Norwich Union chief executive Patrick Snowball to consider how the plans should work in practice. It is expected to report by the end of the year.

Mr Snowball said: "Green ISAs will help encourage saving, promote investment in environmentally friendly companies and encourage more businesses to go green."