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Economy

Progress Update on Implementing the GIB Special Share

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On 2 February the UK Government announced that the UK Green Investment Bank plc (GIB) would create a ‘Special Share’ as part of the process to introduce private capital to the organisation.

The Special Share will preserve GIB’s commitment to its green purposes without compromising its independence or ability to attract investors. The sole function of the Special Share will be to give its holder special voting powers to ensure that GIB remains permanently under a legally enforceable obligation to invest exclusively in accordance with its green purposes, as currently set out in the objects of its Articles of Association.

GIB has published today full details of how it intends to implement the Special Share arrangements. These details are set out in a letter sent previously to parliamentarians from GIB chairman, Lord Smith of Kelvin (attached).

GIB has also provided details of three key milestones in the implementation of the Special Share arrangements.

First, an Extraordinary General Meeting has been held with GIB’s sole shareholder, the UK Government, to amend GIB’s Articles of Association to allow for the creation of a Special Share. Details are provided on our website.

Secondly, a new Special Shareholder company has been incorporated: Green Purposes Company Ltd. It has been established, like GIB, as a Scottish registered company and is intended to be suitable to apply for registration as a Scottish charity should the Trustees so wish. The company number is SC 529 326.

Finally, GIB has secured agreement from three reputable and well established institutions to help GIB find individuals to serve, in a personal capacity, on a Nominations Committee. That Nominations Committee will be asked to select the final three permanent Trustees of the Special Shareholder. The institutions helping GIB to find the members of the Nominations Committee are:

· The Royal Society. Founded by Royal Charter in the 1660s, the Royal Society is the UK’s national science academy and has expertise in energy, environment and climate science.

· ICAS. Founded by Royal Charter in 1854, ICAS is a professional body for Chartered Accountants.

· The Law Society of Scotland. Established in 1949, the Law Society of Scotland is a professional body for solicitors.

This process will ensure that the individuals on the Nominations Committee have been appointed independently and will be well equipped to select permanent Trustees appropriately skilled in corporate governance, with knowledge of corporate law and with a sound understanding of environmental issues.

Commenting on progress, Lord Smith of Kelvin, GIB’s Independent Chair, said: “We are committed fully to implementing a new Special Share to ensure protection for GIB’s green purposes following GIB’s move into the private sector. The special share will provide a lock over our green purposes by an independent third party, in place of the current protections provided through the 2013 Enterprise and Regulatory Reform Act.

“It is important to note that the existing statutory protections over the green purposes will remain in place until the point at which the Special Share is implemented. There will be no gap.

“We have today announced progress on three key parts of the Special Share arrangements: passing the resolution to establish the share; incorporating the company to hold it; and, identifying the independent bodies which will help us find well qualified individuals to form a Nominations Committee tasked with finding permanent trustees.

“We will continue to provide updates on our progress as we proceed.”

Economy

A Good Look At How Homes Will Become More Energy Efficient Soon

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energy efficient homes

Everyone always talks about ways they can save energy at home, but the tactics are old school. They’re only tweaking the way they do things at the moment. Sealing holes in your home isn’t exactly the next scientific breakthrough we’ve been waiting for.

There is some good news because technology is progressing quickly. Some tactics might not be brand new, but they’re becoming more popular. Here are a few things you should expect to see in homes all around the country within a few years.

1. The Rise Of Smart Windows

When you look at a window right now it’s just a pane of glass. In the future they’ll be controlled by microprocessors and sensors. They’ll change depending on the specific weather conditions directly outside.

If the sun disappears the shade will automatically adjust to let in more light. The exact opposite will happen when it’s sunny. These energy efficient windows will save everyone a huge amount of money.

2. A Better Way To Cool Roofs

If you wanted to cool a roof down today you would coat it with a material full of specialized pigments. This would allow roofs to deflect the sun and they’d absorb less heat in the process too.

Soon we’ll see the same thing being done, but it will be four times more effective. Roofs will never get too hot again. Anyone with a large roof is going to see a sharp decrease in their energy bills.

3. Low-E Windows Taking Over

It’s a mystery why these aren’t already extremely popular, but things are starting to change. Read low-E window replacement reviews and you’ll see everyone loves them because they’re extremely effective.

They’ll keep heat outside in summer or inside in winter. People don’t even have to buy new windows to enjoy the technology. All they’ll need is a low-E film to place over their current ones.

4. Magnets Will Cool Fridges

Refrigerators haven’t changed much in a very long time. They’re still using a vapor compression process that wastes energy while harming the environment. It won’t be long until they’ll be cooled using magnets instead.

The magnetocaloric effect is going to revolutionize cold food storage. The fluid these fridges are going to use will be water-based, which means the environment can rest easy and energy bills will drop.

5. Improving Our Current LEDs

Everyone who spent a lot of money on energy must have been very happy when LEDs became mainstream. Incandescent light bulbs belong in museums today because the new tech cut costs by up to 85 percent.

That doesn’t mean someone isn’t always trying to improve on an already great invention. The amount of lumens LEDs produce per watt isn’t great, but we’ve already found a way to increase it by 25 percent.

Maybe Homes Will Look Different Too

Do you think we’ll come up with new styles of homes that will take off? Surely it’s not out of the question. Everything inside homes seems to be changing for the better with each passing year. It’s going to continue doing so thanks to amazing inventors.

ShutterStock – Stock photo ID: 613912244

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Economy

IEMA Urge Government’s Industrial Strategy Skills Overhaul To Adopt A “Long View Approach”

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IEMA, in response to the launch of the Government’s Industrial Strategy Green Paper, have welcomed the focus on technical skills and education to boost “competence and capability” of tomorrow’s workforce.

Policy experts at the world’s leading professional association of Environment and Sustainability professionals has today welcomed Prime Minister Teresa May’s confirmation that an overhaul of technical education and skills will form a central part of the Plan for Britain – but warns the strategy must be one for the long term.

Martin Baxter, Chief Policy Advisor at IEMA said this morning that the approach and predicted investment in building a stronger technical skills portfolio to boost the UK’s productivity and economic resilience is positive, and presents an opportunity to drive the UK’s skills profile and commitment to sustainability outside of the EU.

Commenting on the launch of the Government’s Industrial Strategy Green Paper, Baxter said today:

“Government must use the Industrial Strategy as an opportunity to accelerate the UK’s transition to a low-carbon, resource efficient economy – one that is flexible and agile and which gives a progressive outlook for the UK’s future outside the EU.

We welcome the focus on skills and education, as it is vital that tomorrow’s workforce has the competence and capability to innovate and compete globally in high-value manufacturing and leading technology.

There is a real opportunity with the Industrial Strategy, and forthcoming 25 year Environment Plan and Carbon Emissions Reduction Plan, to set long-term economic and environmental outcomes which set the conditions to unlock investment, enhance natural capital and provide employment and export opportunities for UK business.

We will ensure that the Environment and Sustainability profession makes a positive contribution in responding to the Green Paper.”

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