Waste companies will be major beneficiaries of the government’s £3bn Green Investment Bank (GIB), ministers have announced.
Business secretary Vince Cable said commercial and industrial waste recycling and energy from waste generation were “first priority sectors” for the bank.
The other priority sectors, subject to European Commission approval, are offshore wind power generation, non-domestic energy efficiency and support for the Green Deal.
Mr Cable said there was a great opportunity for British businesses to lead the transition to a green economy and stake a claim on a sector that has massive potential for growth.
He added: “I’m pleased to see that more than 20 places recognise the impact the Green Investment Bank could make, and are expressing an interest in being its home.
“I want to set up the bank as soon as possible, so it can start accelerating investments in these key sectors and help British companies take advantage of these opportunities.”
The GIB is designed to accelerate private sector investment in the UK’s transition to a green economy.
At least 80% of the funds committed by the bank over the spending review period will be invested in the priority sectors, with the remaining funds invested in other green sectors.
The Environmental Services Association (ESA) welcomed Cable’s announcement and said the £100m available for waste processing and recycling in the next financial year should help to bring forward smaller recycling projects.
Director of policy Matthew Farrow said: “The big wins, though, will be with larger-scale projects further down the line. ESA waits with interest to see what the investment criteria will be and how much of a bang the GIB will be willing to make in the waste sector in the longer term.”