Green Investment Bank makes inaugural deal
The Government’s Green Investment Bank (GIB)—a £3 billion scheme set up to encourage a green economic shift— has made its first infrastructure investment, worth a total of £80m.
Announced by business secretary Vince Cable, the GIB’s inaugural outlay will go towards two funds that will invest in the waste sector.
Both sums will seek investment in waste recycling and reprocessing facilities, pre-treatment projects and energy-from-waste projects.
Cable said the “landmark” investments “represent a great opportunity to unlock substantial commercial investment in green technologies and infrastructure.”
He added, “The Government has committed to setting the UK firmly on course towards a green and growing economy and today is another important step in that direction.
“Investing directly now shows that we are not just sitting on our hands while we wait for the UK Green Investment Bank to receive state aid approval.”
The timing of this initial investment is pertinent given energy secretary Ed Davey’s proposed keynote environmental speech at the Clean Energy Ministerial on April 26.
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