By Jonathan Davies

The government is to sell part of the Green Investment Bank in a move that could raise £3 billion for the Treasury.

Business Secretary Sajid Javid will tell the bank's annual meeting that he plans to 'explore options' to part-privatise it.

The Green Investment Bank is the UK government's tool for investing in eco-friendly infrastructure projects.

So far, it has invested around £2bn in 50 projects.

But critics said the idea was "reckless" and that it raises questions over the government's commitment to reducing carbon emissions.

The government is yet to detail exactly how much of the bank will be sold, but the Financial Times is reporting that it could be as much as 70%.

With restrictions on borrowing powers, Mr Javid hopes that private investors will allow the Green Investment Bank to have better access to capital markets and increase borrowing.

Speaking at the bank's annual meeting, the business secretary is expected to say it "has shown that investment in green technologies can be a profitable business. The challenge now is to build on this success.

"The bank will still be green, still be profitable, still be a market leader in financing environmentally sound infrastructure. But free from limitations on where it can borrow money and EU regulations on state aid, the bank will be able to access a much greater volume of capital."