An environmental group has called set out a number of what it calls ‘key criteria’ necessary for the formation of the Green Investment Bank (GIB).
In a statement published by The Aldersgate Group, a coalition of businesses and environmental groups, the publication sets out a number of criteria which it claims must be followed if the GIB is to arrive, including:
- a fully independent, accountable and enduring institution must be established in statute in 2011 with a clear low-carbon investment mandate;
- a GIB with a clear mandate to leverage low-carbon investment and support the development of low-carbon and environmental industry, R&D, manufacturing, services and exports;
- at least £4bn-£6bn capitalisation during the coming four years; and
- the power to issue a range of green bonds.
Aldersgate Group chairman Peter Young said: “The Government’s commitment to creating a UK GIB is welcome but requires follow through to delivery with some urgency.
“The combination of economic damage from climate change, mandatory carbon targets, the aftermath of the financial crisis and the short-term view shrinking of the public sector all make the GIB an idea whose time has come.”