On 25th April 2013 the UK Government enshrined in Statute the UK Green Investment Bank (GIB). The GIB is the world’s first public bank dedicated exclusively to financing low carbon and green infrastructure and business.
In April 2010 the UK Government allocated £3 billion in start up capital to the institution and soon after the GIB – operating in its ‘shadow form’ known as UK Green Investments – made its first investments via several private equity funds focused on the energy efficiency and waste infrastructure sectors.
In July 2012 the GIB’s Chairman, Lord Smith of Kelvin, was appointed and this was followed in September 2012 by the appointment of Chief Executive Shaun Kingsbury and the Board. Following State Approval in October 2012, UK Green Investments was transformed into the UK Green Investment Bank, which is now able to make a full range of direct and indirect investments in the UK’s low carbon economy. So far funds in excess of £450m have been committed to the energy efficiency, waste and wind sectors.
