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The Low Carbon Economy Ltd

24 Mar 2011 10:03:07

Green Investment Bank to be granted £3bn capital

Green Investment Bank to be granted £3bn capital
The Green Investment Bank (GIB) is to receive higher initial capitalisation and will begin operating earlier than initially planned, chancellor George Osborne has announced.

In his Budget, released yesterday (March 23rd), Mr Osborne announced plans to increase capitalisation for the bank to £3 billion.

The government estimates that this funding, combined with private financing, means by 2014/15 the GIB should have helped plough £18 billion into the green infrastructure.

Borrowing powers will be granted to the bank from 2015, however, director general of the Confederation of British Industry John Cridland said that "the bank should have powers to borrow from the outset to give investors confidence".

The GIB is also set to begin operating a year earlier than planned in 2012/13.

Gaynor Hartnell , chief executive of the Renewable Energy Association, welcomed the announcements related to the bank, but said they are "of limited early value given the very long delay before it can raise revenue".

"Unfortunately, there was nothing really significant in the budget to alleviate growing anxiety about the pace of delivery across the UK renewables industry," she added.  ADNFCR-1235-ID-800474316-ADNFCR

Discussion Thread  

D.W Major wrote:

17 Apr 2011

The current Government the Greenest ever?
What a B.S.
Green Bank? Same B.S.
Does nothing but serve the administraitors.

We have the technology to go 0 emissions right here right now.
And to paint buses green does not make them ecological viable.

Instead of supporting the technology that is here the gov seems to paint a green smokeskreen.

Zero Emission technology is the only future starting with public mass Transportation and Cars we can slash 66% of all CO2 emissions in fact immediatly.

Where is the money?
Show me the money!

Sack the politicians we can't afford them anymore, and while your at it, bring back the Guillutine.

If politicians and gangsters that run the banks stand in between us and a clean and sustainable future they have to go A.S.A.P.

The Future is Zero Emission Technology and it is right here right now.

D.W. Major
Zero Emission Transportation Ltd

Discussion Thread  


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