Green Investment Bank to boost NHS energy efficiency with £50m investment

The UK’s Green Investment Bank (GIB), along with financial firm DLL, has announced £50 million in joint funding for new energy efficiency measures for the NHS, which would help save money and cut greenhouse gas emissions.

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The announcement follows a similar one made in April, when the government-backed bank announced a programme of support to make the NHS more energy efficient, revealing it could save up to £150 million a year.

As with the first project, the GIB and De Lage Landen (DLL) will help fund measures at Queen’s Medical Centre, part of Nottingham University Hospitals NHS Trust, where a £7.5 million investment to install a suite of energy production and reduction measures has been planned.

Shaun Kingsbury, CEO of GIB, said, “As one of the country’s most energy intensive organisations, the NHS could save up to £150m each year by putting in place energy efficiency measures. That’s why GIB has committed to back a wave of projects to modernise and better equip NHS facilities and systems.  Everything is tailored to the needs of the NHS.

“The project at Queen’s Medical Centre is expected to reduce the Trust’s energy costs and save around 7,400 tonnes of CO2e each year, equivalent to taking 3,300 cars off the road.”

The project is also expected to save an estimate £2.8 million a year, in addition to environmental benefits.

Business secretary, Vince Cable commented, “This latest project in Nottingham is part of Government’s continued investment to help the NHS transition to a more energy efficient working environment, cutting greenhouse gas emissions and saving the economy millions each year on reduced energy costs.”

In February, the bank also announced a partnership with a French finance group to provide £50 million in energy saving funding.

Photo: EMASNHSTrust via Wikimedia Commons

Further reading:

NHS could save up to £150m through energy efficiency measures

Green Investment Bank pledges £50m funding for energy efficiency

Green Investment Bank announces major investment in UK offshore wind

What do we need to change to make the NHS sustainable?

Green Investment Bank could move into private capital