Thursday, June 9, 2011

Vision for Worlds first dedicated Green Investment Bank published
On May 24, 2011 the U.K. Business Secretary outlined his vision for the Green Investment Bank (GIB) as a new and enduring institution to complement existing green policies.

Vince Cable published a progress report on the GIB setting out more detail on its governance and business model.

The GIB’s mission will be to accelerate private sector investment in the UK’s transition to a green economy. It will play a vital role in addressing market failures which are holding back private sector investment.

Sectors likely to be eligible for intervention initially include offshore wind, non-domestic energy efficiency and waste. Work is ongoing to explore other sectors which will change over time.

Its initial remit will be to focus on green infrastructure assets and on the twin objectives of achieving significant green impact and making financial returns.

As the bank will need to be approved by the European Commission before it can be established, there will be a phased approach. Once it has been agreed, the GIB will be enshrined in legislation confirming its independent status as an enduring institution with a key public role.
In order to make rapid progress, the Government will make direct, state-aid compliant investments in green infrastructure projects from April 2012 until these investments can be transferred to the GIB.

1. The progress report can be found at
2. The Government committed in the 2011 budget to fund the GIB with £3bn over the period to 2015. Accordingly, the GIB will evolve over three phases:
Also see Department for Business, Innovation and Skills
Press Release dated May 24, 2011

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