The European Commission (EC) has approved the creation of the £3 billion Green Investment Bank in the UK having ruled that the move would not fall foul of EU state aid rules.
The EC said: 'The GIB's concept foresees several safeguards to avoid the crowding out of private investment and preserves a level playing field between competitors in the EU Single Market.
'In particular, project holders seeking funding from the GIB will be requested to provide evidence that they have been denied funds or have not obtained all the necessary funding from market operators. The GIB's intervention will also rest on a so-called 'additionality principle': whenever possible, funding provided by the GIB will come in addition to market financing. This should allow green projects to materialise while minimising potential distortions of competition.'
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