24th September 2012 – The UK is to set up the world’s first investment bank solely dedicated to greening the economy.
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 £200 billion is needed for the energy system alone over the period to 2020.
The UK Green Investment Bank (GIB) will be a key component of the progression towards a green economy, complementing other green policies to help accelerate additional capital into green infrastructure.
Its mission will be to provide financial solutions to accelerate private sector investment in the green economy. Capitalised with £3 billion, the GIB will play a vital role in addressing market failures affecting green infrastructure projects in order to stimulate a step up in private investment.
Source: UK Department for Business, Innovation and Skills (BIS) website