Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of MRW, please enable cookies in your browser

We'll assume we have your consent to use cookies, so you won't need to log in each time you visit our site.
Learn more

Green Investment Bank begins full operations

The Government-backed Green Investment Bank (GIB) has begun full operations, business secretary Vince Cable has announced.

The bank, set up by ministers to accelerate private sector investment in the green economy, began operating on Monday. The scheme was given the go-ahead by the European Commission recently after finding the use of £3bn of Government funds would not breech EU rules on state aid and competition.

In a written statement Cable said the Government would begin funding GIB following Parliamentary approval of powers under the Enterprise and Regulatory Reform Bill.

The waste and recycling sectors have been named as priority areas for GIB funding.

The bank’s operations have been carried out by a predecessor team at UK Green Investments (UKGI) based at the Department for Business Innovation and Skills. Ministers previously announced £100m of funding through UKGI for smaller waste projects. UKGI made its first investment in the waste sector last month with £2m for a TEG Group anaerobic digestion project in London.

Shaun Kingsbury, investment partner at private equity firm Hudson Clean Energy Partners, was announced as the GIB’s chief executive in September.

The bank is due to gain full borrowing powers around 2015.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.