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

Aldersgate group set out ‘key criteria’ for Green Investment Bank

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.”

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.