David Cameron: Green Investment Bank ‘world-leading institution for the energy of the future’
The Prime Minister has praised the UK’s Green Investment Bank (GIB) for its role in accelerating the transition to a low-carbon energy system, thanks to the capital invested in UK’s infrastructure and clean energy projects.
Visiting the bank’s HQ in Edinburgh, Cameron said, “Almost five years ago to the day we committed to create the world’s first green investment bank. It has now been up and running for two years and has already backed over forty new green energy infrastructure projects, bringing £7bn of new investment into every part of the UK.
“From its headquarters in Edinburgh it is leading the world in finding innovative solutions to make sure that the UK is at the forefront of the next generation of energy infrastructure.”
Since its launch, the bank has poured £1.8 in 46 projects across the UK and supported £7 billion new investment in UK energy infrastructure. Projects included waste management, energy efficiency, offshore wind and biomass facilities.
Commenting on the PM’s visit, chairman of the GIB Lord Smith of Kelvin said, “From here we have built a business which is envied and is being copied across the world. Our innovative business model is working – we are investing to support new projects, mobilising private capital and helping to establish new markets, all on fully commercial terms. These green investments will result in vital new, modern energy infrastructure for the UK and deliver a profit for UK taxpayers.”
In February, the Green Investment Bank also announced the creation of a £100 million fund to boost community-scale renewable energy projects.
Photo: Department for Business Innovation and Skills via flickr
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