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UK's First 'Green' Bank Opening For Business

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The Governmemt-backed bank, set up to drive investment in the green economy, will be launched by Business Secretary Vince Cable.

 

The Green Investment Bank (GIB) is funded with £3bn of Government money earmarked for helping develop a green economy. It will be launched by Business Secretary Vince Cable at its headquarters in Edinburgh. He will say: "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."

 

First to benefit from the fund is a project in the north east of England that will generate energy from waste. Around £8m will go to the construction of an anaerobic digestion (AD) plant at Teesside, the first of six planned over the next five years. This will be matched with a further £8m from the private sector, according to the Government.

 

More: http://news.sky.com/story/1017501/uks-first-green-bank-opening-for-business


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