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28 Oct 2010 10:10:36

Govt green investment pledge 'too low'



Govt green investment pledge 'too low'
MPs have been told that the £1 billion pledged by the government for a green investment bank is too low.

According to the Aldersgate Group of companies and green organisation, for the green investment bank to do its job, it will need between £4 billion and £6 billion in the first four years, reports the Press Association.

Philip Wolfe, director of the Aldersgate Group, said: "£1 billion alone without being topped up from any additional proceeds is in danger of being at a level where it can scarcely make enough difference to have the impact that is intended."

"£1 billion alone is, in my personal view, too low," he added.

Speaking as part of this month's Comprehensive Spending Review, chancellor George Osborne said that in addition to the £1 billion the government will provide, it is hoped that further funding will be raised by the future sale of state assets and from private investment.

Earlier this week, it was reported by the Financial Times that full details of the government's plans for the green investment bank will be made available in the spring.
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