17 May 2010 04:05:04
Creation of Green Investment Bank 'must be done properly'
The creation of the Green Investment Bank will help stimulate the low carbon economy if developed correctly, one expert has commented.
Amy Persson, senior policy adviser at Green Alliance, said that the announcement of the venture is "welcome" but "the government must now make sure it is of the scale necessary to create jobs and leverage investment in emerging low carbon industries".
The development of a Green Investment Bank was one of the policies announced in the Coalition Document released by the Conservative-Liberal Democrat government last week.
It forms part of the measures put in place to help the UK transition to a low carbon economy, which also include the creation of a floor price for carbon.
Ms Persson mentioned the need for the £1 billion of public capital pledged by the labour government to be invested in the scheme.
From the year 2012, some of the money raised from the sale of carbon permits should be "earmarked" for the investment bank, Ms Persson said.
The potential for the creation of green jobs and economic regeneration from low carbon industries in the UK was identified by the expert as being "huge".