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Green Investment Bank to operate as an independent institution
The Secretary of State for Business, Innovation and Skills, Rt Hon. Vince Cable MP, has made further announcements on the development of the Green Investment Bank.
24 May 2011
Following the Deputy Prime Ministers speech at the beginning of last week, the Secretary of State for Business, Innovation and Skills, Rt. Hon Vince Cable MP, has announced further details on the establishment of the Green Investment Bank. The bank, which is designed to fill the market gap in financing for clean tech, low carbon and renewable energy projects, will have a remit to focus on relatively high risk projects that are deemed underfunded by the private sector. The bank, it has been announced, will have an early focus on offshore wind, industrial energy efficiency and waste, with a wider range of projects possibly becoming available over time. A key announcement was the news that the institution will stand alone and operate independently from Government, once the necessary state aid approval has been received from the European Commission. This will form the second phase in the establishment of the bank with more details of the three phase process published in the updated document on the establishment of the Green Investment Bank, alongside the Secretary of State’s speech. Mr. Cable also announced the creation of the green bank advisory group, to be chaired by Sir Adrian Montague, that will advise on the strategic direction of the new institution.
Read Vince Cable's speech
Read the Update on the design on the Green Investment Bank
Following the Deputy Prime Ministers speech at the beginning of last week, the Secretary of State for Business, Innovation and Skills, Rt. Hon Vince Cable MP, has announced further details on the establishment of the Green Investment Bank. The bank, which is designed to fill the market gap in financing for clean tech, low carbon and renewable energy projects, will have a remit to focus on relatively high risk projects that are deemed underfunded by the private sector. The bank, it has been announced, will have an early focus on offshore wind, industrial energy efficiency and waste, with a wider range of projects possibly becoming available over time. A key announcement was the news that the institution will stand alone and operate independently from Government, once the necessary state aid approval has been received from the European Commission. This will form the second phase in the establishment of the bank with more details of the three phase process published in the updated document on the establishment of the Green Investment Bank, alongside the Secretary of State’s speech. Mr. Cable also announced the creation of the green bank advisory group, to be chaired by Sir Adrian Montague, that will advise on the strategic direction of the new institution.
Read Vince Cable's speech
Read the Update on the design on the Green Investment Bank
