UK launches Green Investment Bank for investments in renewables
Edinburgh, Scotland, UK (source: flickr/ kyz, creative commons)
Alexander Richter
4 Dec 2012
The UK launches its Green Investment Bank, funded with $4.8 billion, to to provide financial solutions to accelerate private sector investment in areas such as renewable energy, carbon capture and storage and energy efficiency measures.
Reported by the BBC last week, the UK has now launched its new Green Investment Bank in Edinburgh, Scotland.
The bank – so the report – will have government funding of GBP 3 billion ($4.8 billion) “to invest in areas such as renewable energy, carbon capture and storage and energy efficiency measures.”
Headquarterd in Edinburgh, the bank will also have a major presence in London. So it will be interesting how much of the funding will actually be going towards the administration of those funds.
The first two projects funded are a waste to energy plant, and a project on making a manufacturer’s facilities more energy efficient.
“The initiative is part of the Government’s commitment to setting the UK firmly on course towards a green and growing economy, while also delivering long-term sustainable growth. This transition to a green economy presents significant growth opportunities for UK-based businesses, both at home and abroad. It will require unprecedented investment in key green sectors – an estimated GBP 200 billion ($320 billion) is needed for the energy system alone over the period to 2020.”
Its mission will be to provide financial solutions to accelerate private sector investment in the green economy and play a vital role in addressing market failures affecting green infrastructure projects in order to stimulate a step up in private investment.”
Business secretary Vince Cable, at the openign said: “The Green Investment Bank – a key coalition pledge – is now a reality. It will place the green economy at the heart of our recovery and position the UK in the forefront of the drive to develop clean energy”.
It will be interesting how open the bank will be to the geothermal projects in the UK, namely the district heating projects currently planned, but also the EGS projects in Cornwall, England.
Source: BBC, Reuters, UK Green Investment Bank Website
