Green Investment Bank will give UK 'an edge'
- Published on Thursday, 16 June 2011 12:34
- Posted by Scott Buckler
The Green Investment Bank could give the UK "an edge in its ability to attract global funds for environmental projects", claims Andrew Raingold, executive director of the Aldersgate Group, a coalition of businesses, environmental groups and individuals (June 16th)
Highlighting the possibilities that the government-launched but independently-run bank could have, Mr Raingold said the government is "leading the way with the establishment of the first national public bank that will invest solely in green technologies".
Details of the bank were recently announced by deputy prime minister Nick Clegg and business secretary Vince Cable. It will open in April 2012 with an initial £3 billion by 2014/15, which the government expects will leverage £15 billion through private sector investment in green infrastructure.
Mr Raingold said that the bank will create "significant business opportunities", particularly in energy efficiency markets. However, he stressed that postponing borrowing powers until 2015 will constrain the bank from "mobilising finance at scale from institutional investors".