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UK Green Investment Bank gets green light from Europe

The European Commission has approved today plans by the UK Government to set up the world’s first Green Investment Bank (UK GIB). The Bank is now set to begin operations in the next few weeks.

UK GIB would have the capacity to make investments on commercial terms across a wide range of green economy sectors. The priority sectors are offshore wind, waste (treatment and recycling and energy from waste) and non domestic energy efficiency. Other sectors would include biofuels for transport, biomass power, carbon capture and storage, marine energy and renewable heat.

Business Secretary Vince Cable said: “ Funded with £3 billion of Government money and mobilising additional private capital, the UK Green Investment Bank has the potential to make a significant contribution to the development of a green economy. State aid approval gives the Bank the green light to expand investment in the UK’s green infrastructure.”

More at http://news.bis.gov.uk/Press-Releases/UK-Green-Investment-Bank-gets-green-light-from-Europe-681c7.aspx

 

4 Comments

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