Green bank makes first investments

The Green Investment Bank (GIB) is making its first deal later today. Funded with £3 billion of Government money, the it is designed to help develop a green economy.
Speaking at the GIB's Edinburgh HQ, Business Secretary Vince Cable is expected to say: '[The Green Investment Bank] will place the green economy at the heart of our recovery and position the UK in the forefront of the drive to develop clean energy.

'Three billion pounds of Government money will leverage private sector capital to fund projects in priority sectors from offshore wind to waste and non-domestic energy efficiency, helping to deliver our commitment to create jobs and growth right across the UK.

'Having the headquarters in Edinburgh is a powerful vote of confidence in the Union, and a testimony to our commitment to helping Scotland lead the green revolution.'

First to benefit from the fund is a project in the north east of England that will generate energy from waste.

The GIB will also invest £5m to fit manufacturer Kingspan Group's UK industrial facilities with systems to improve its energy consumption by 15 per cent.

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28 November 2012


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