In the Queen’s speech later today it is expected that an Energy Security and Green Economy Bill will be introduced which will include provisions to set up a Green Investment Bank.
The decision of the coalition Government to press ahead with the creation of this landmark investment institution has received strong support from a broad range of business, finance and charity stakeholders. It has the potential to significantly accelerate private sector investment into the low carbon economy to help boost economic growth and deliver energy and climate security.
A report published today by the climate change think tank E3G sets out how the Green Investment Bank could work, including the need for a clear mandate to deliver the low carbon transition. Even if wholly owned by the Government the bank would not impact on public finances if it was given full independence and it could prioritise investment in strategically significant sectors such as energy efficiency and renewable energy.
E3G is calling for the bank to be set up within a year and for the Government to provide at least £2 billion in capitalisation initially to get the Bank off the ground. This could leverage tens of billions more in private sector investment to build a low carbon, competitive and secure energy system.
Ingrid Holmes, Programme Leader on Low Carbon Finance for E3G and author of the report said:
“By 2030 we need a zero carbon power sector and every home will need to be made super energy efficient. This will require an unprecedented surge of capital investment This can only be achieved with the support of the Green Investment Bank which can play a pivotal role in reducing the risk for investors and blazing the trail for a prosperous low carbon transition.”
For more information please contact:
Ed Matthew: Transform UK – The Campaign to Re-Power Britain
Tel: 07827 157 906