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The Low Carbon Economy Ltd

30 Sep 2010 12:09:09

Green Investment Bank 'needs £6 billion in 4 years'



Green Investment Bank 'needs £6 billion in 4 years'
The Green Investment Bank needs £6 billion in funding over the next four years, global businesses and environmental groups have claimed.

In a statement from the Aldersgate Group, a lobby organisation which represents more than 60 businesses and non-governmental groups, it said any delay in setting up the bank could have a significant impact on low carbon development in the UK.

Just £4 billion of initial funding in the bank was said to be enough to provide £100 billion from the private sector.

Peter Young, chairman of the Aldersgate Group, said: "To achieve this, the green investment bank must be at the heart of the economic recovery, re-powering the economy and creating valuable green jobs throughout the UK where they are most needed."

BT, F&C Investments, PepsiCo, Microsoft, Bank of America Merrill Lynch, British Airways and Friends of the Earth were among those behind the policy.

Friends of the Earth has previously said that the Green Investment Bank must be set up within one year and have a strict focus on renewables and energy efficiency if it is to be a success.  ADNFCR-1235-ID-800091388-ADNFCR


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