UKSIF welcomes EU approval of green bank
- Published on Thursday, 18 October 2012 09:22
- Posted by Scott Buckler
The UK Sustainable Investment and Finance Association (UKSIF) has welcomed the announcement by the European Commission (EC) that the UK Government's proposal to capitalise the Green Investment Bank (GIB) with £3 billion of public funding is in line with EU state aid rules, meaning that the Bank can now begin full operations
The Commission concluded that the Bank's concept "foresees several safeguards to avoid the crowding out of private investment and preserves a level playing field between competitors in the EU Single Market". The approval is granted for a period of four years.
Penny Shepherd MBE, UKSIF Chief Executive, said:
"This unique development bank will help to fund the new green infrastructure that we urgently need. With the green economy having potentially contributed over a third of the UK's economic growth in the last financial year according to the CBI, this approval is very significant move for this country's future economic success."