An advisory group charged with helping to set up the Green Investment Bank has been set up by Business Secretary Vince Cable.
Cable also announced earlier today that Sir Adrian Montague will chair this group made up of independent finance experts. The Government hopes the world’s first GIB will “accelerate” investment in new green technologies from the private sector.
Cable said: “The GIB will become a key component of this transition which needs significant investment over the coming decades.
“I’m delighted that Sir Adrian Montague has agreed to chair the advisory group. He has a wealth of experience that will help with the strategic direction of the GIB.”
Montague said: “The Green Investment Bank has the potential to play a vital role in helping the UK make a successful transition to a low carbon economy. This will present enormous opportunities for businesses in the UK.”
Montague is currently the non-executive Chairman of 3i, Michael Page International, Anglian Water Group and CellMark Investments of Gothenburg, and a non-executive director of Skanksa of Stockholm.
GIB will focus on encouraging investment in new infrastructure that will provide green gains as well as financial return. Those sectors likely to benefit initially include waste.
The bank needs to be approved by the European Commission before it can be set up. Once this has been agreed its independent status as an institution in a key public role will be enshrined in UK legislation.
The Government will make direct, state-aid compliant investments in green infrastructure projects from April 2012 until they can be transferred to the GIB.