UK Business Secretary Vince Cable laid out the government’s plans for its Green Investment Bank (GIB), including its first priorities, this morning.
The Bank is designed to leverage private sector investment in the UK’s green economy and will initially be focused on offshore wind, energy from waste generation, energy efficiency and the Green Deal.
The plans laid out this morning also define the criteria for choosing a location for the headquarters of the bank, which will be selected by the end of March next year.
According to the government, the location should have access to the specialist staff needed to run the organisation, allow the Bank to work closely with other organisations in the sector, as well as investment bodies, project developers and green technology providers, and provide good value for money.
The 20-plus cities in the running include Edinburgh, London, Leeds, Manchester, Newcastle and Liverpool, as well as Angus, Bournemouth, Bristol, Cardiff, Chester, Derby, Gloucester, Nottingham, Paisley, Peterborough, Sheffield, Stoke on Trent and Warrington.
Cable also announced that, until the GIB is up and running, there will be a dedicated team – known as UK Green Investments (UKGI) – within the Department for Business to drive investment in the UK’s green sector.
Initially, UKGI will have £100 million to invest in non-domestic energy efficiency projects and a further £100 million for smaller commercial waste infrastructure projects. The team will also be able to co-invest in offshore wind ventures.
Meanwhile, formal recruitment of the Bank’s senior management team will begin next month, with the chair to be appointed in the spring.
“There is a great opportunity for British businesses to lead the transition to a green economy and stake a claim on a sector that has massive potential for growth,” Cable said in a statement. “I want to set up the Bank as soon as possible, so it can start accelerating investments in these key sectors and help British companies take advantage of these opportunities.”
For further information:
UK Chancellor’s autumn statement shows no sign of green shoots (30-Nov)
UK government gives flagship Green Deal £200 million boost (25-Nov)
UK Business Secretary sets out future of Green Investment Bank as ‘enduring institution’ (25-May)
UK’s Green Investment Bank to start investing next year, says Clegg (23-May)
12 December 2011