Green Investment Bank Plans Published

The Department of Business (BIS) has published plans to establish the first Green Investment Bank (GIB) to accelerate private sector investment in the UK’s green industry.

On Monday morning, Business Secretary Vince Cable published criteria for deciding where the Bank will be based and what the Bank’s first priorities will be until 2016.

According to the BIS, offshore wind power generation, commercial and industrial waste processing and recycling, energy from waste generation, non-domestic energy efficiency and support for the Green Deal will be the first priority sectors for the Bank, subject to approval by the European Commission.

The criteria for deciding on a location for the bank were also published, with a view to a decision being made on a HQ site by the end of March.

Business Secretary Vince Cable said: “There is a great opportunity for British businesses to lead the transition to a green economy and stake a claim on a sector that has massive potential for growth. I’m pleased to see that more than 20 places recognise the impact the Green Investment Bank could make, and are expressing an interest in being its home."

The Business Secretary also announced that a new team will be set up within the Department for Business to "drive investment" in the UK’s green infrastructure until the Green Investment Bank is formally established.

The team, which will be called UK Green Investments (UKGI), will have access to £100 million to invest in smaller waste infrastructure projects on a fully commercial basis.

A further £100 million has been provided for investment in the non-domestic energy efficiency sector for next financial year. UKGI will also be available to co-invest in offshore wind projects.

“I want to set up the Bank as soon as possible, so it can start accelerating investments in these key sectors and help British companies take advantage of these opportunities," Mr Cable said.

He added: "Setting out the priorities for the Bank and establishing UK Green Investments for April 2012 are a major step forward."


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