Vince Cable

Cable opens UK Green Investment Bank

Britain’s Business Secretary Vince Cable has opened the Green Investment Bank (GIB) and announced two investments.

The bank, with £3 billion of government funding, will mobilise additional private capital to make a significant contribution to the development of the green economy.

Cable said the GIB had made its first investment since becoming operational, committing an initial £8 million to a project in the North East of England that would generate energy from waste. The project would attract a further £8 million of matching private sector funding.

The Anaerobic Digestion (AD) plant at Teesside was the first of six planned over the next five years, making it the largest single AD project in the UK. The investment was part of an £80 million investment programme by the GIB in small waste projects.

Cable 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.

"Three billion pounds of government money will leverage private sector capital to fund projects in priority sectors from offshore wind to waste and non domestic energy efficiency, helping to deliver our commitment to create jobs and growth right across the UK. Having the headquarters in Edinburgh is a powerful vote of confidence in the Union, and a testimony to our commitment to helping Scotland lead the green revolution."

The GIB would also invest £5 million to retrofit Kingspan’s UK industrial facilities with systems and services that would reduce its energy consumption by as much as 15 per cent.

UK Green Investment Bank Chair Lord Smith said: “The Green Investment Bank has the potential to be a game-changing component of the UK's low carbon economy, and a profitable centre of excellence in specialist and renewable investment.

"Over the coming months and years, I am confident that our excellent team will put its many years of expertise to work on building the foundations of that sustainable economy, and facilitating the important investments that will ensure its long-term good health."

Recent articles

Info Message

Our sites use cookies to support some functionality, and to collect anonymous user data.

Learn more about IET cookies and how to control them