A new green investment bank was unveiled today in a bid to stimulate billions of pounds of private finance for low-carbon industries such as offshore wind farms.

Chancellor Alistair Darling said the new bank would control £2 billion in assets and “unlock billions more” from the private sector for green energy and transport development.

Investment will focus in particular towards offshore wind energy “where Britain is already the world leader” he said, with £60 million going to develop ports which will be the site of turbine manufacturing.

Half the £2 billion would be raised from the sale of assets including the Channel Tunnel rail link, while the other half will come from private investment.

In setting up the green bank, the Chancellor was responding to calls from the renewable energy industry and environmental campaigners to provide Government support for private investment in the development of low-carbon industries.

They believe that Government-backed investment will encourage companies to put their money into wind farms and other renewables, energy efficiency technology and electric vehicles – providing jobs and cutting emissions.

The Conservative Party last year outlined its plans to roll up different sources of Government funding for the low-carbon sector into a single green investment bank to leverage private sector finance and fund new green start-up businesses.

Similar Posts:

Share