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Cameron praises GIB on two-year progress

The Prime Minister has used the second anniversary of the launch of the Green Investment Bank (GIB) to congratulate it on its backing for green energy projects.

His comments came as the GIB, the first institution of its kind in the world, announced the 37th project it has funded, a £5.2m transaction to help global bank Citi reduce energy use at its data centre in Lewisham, London.

It has now generated more than £5bn of investment.

David Cameron said he was “delighted” to mark the GIB’s second birthday: “Their achievements tell their own story – in just two years, getting 37 green infrastructure projects underway in the UK, committing more than £1.6bn of capital and mobilising a total of £5.2bn, and creating thousands of jobs.”

GIB chairman Lord Smith of Kelvin said the bank had proved itself to be a successful policy initiative and a good business.

“We are helping to attract capital to UK green projects and helping to build vital new, modern, energy infrastructure for the country.

“I am especially proud of the fact that we are investing in every part of the UK, from the Highlands of Scotland to Northern Ireland, Wales and all parts of England”.

Shaun Kingsbury

Presenting a progress report, chief executive Shaun Kingsbury, left, said the GIB was an innovative and commercial investor.

“All of our investments have been both green and profitable but, more than that, each deal demonstrates to a significant international market that the UK renewables sector is a good place to invest.

“Two years ago, nobody could say with any certainty that the idea of a green investment bank would work.

“I believe we have proven the case and, in doing so, made a real, lasting contribution to the UK’s energy security, lowering the costs of renewable energy and cutting the UK’s carbon emissions”.

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