The UK’s first bank devoted to green investment has published its inaugural annual report, after having been formally launched in November 2012.
Shaun Kingsbury, the chief executive of the Green Investment Bank (GIB) who was appointed last September, said, “In our first, short year we’ve made great strides in putting in place the foundations upon which we will build an enduring institution.
“It remains early days but our first results show that we can be successful in achieving our double bottom line of being green and behaving commercially.”
The bank, which is partly funded by the government, invested £635m in low-carbon projects such as energy efficiency, renewable energy and waste management.
Lord Smith of Kelvin, chairman, said, “We are building a new institution and want to behave with the highest standards of transparency and accountability, right from the start.”
He wrote in the report, “This is only the beginning. There is an important future ahead; a future built on a low carbon economy and fuelled largely by renewable energy. It is a future that we at GIB are committed to creating as quickly as we can.”
The bank signed a £1 billion deal with United Arab Emirates clean energy firm Masdar in May, and has unveiled a series of other large investments since its launch.
Business secretary Vince Cable said, “The Green Investment Bank has a pivotal role to play in the financing of our transition to a green economy. It has already made a positive start, with £635m committed to green projects and with every £1 invested leveraging another £3 of private investment.
“The bank has a number of strong deals in the pipeline, which will help it to build on the solid foundations that have now been laid.”