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Green Bank to focus on energy efficiency

Deputy Prime Minister Nick Clegg has released more details about the coalition's agenda for climate change and the green economy.
Green Bank to focus on energy efficiency
Setting out the priorities for the world's first Green Investment Bank (GIB), Mr Clegg said: 'Possible early priorities for the bank are offshore wind, waste, and non-domestic energy efficiency.

'There are capital funds that want to invest in the green economy, and firms bursting to grow but desperate for funds. The role of the Green Investment Bank is to close the gap between the two.'

The GIB is intended to bridge the gap between venture capital and the green economy, provide the finance for low carbon infrastructure and lay the foundation for long-term, balanced growth.

Speaking at the Climate Change Capital event in London, Mr Clegg also added that the Government will bring forward legislation to ensure both the operational independence and enduring nature of the Bank and has guaranteed £3 billion for the initial capitalisation of the Bank.

He also said that the potential for the GIB to help deliver the first stages of the Green Deal were being looked into by the Government.

The Bank is due to act as a fund and will not be able to start borrowing money until April 2015 onwards, provided that national debt starts falling as a percentage of the GDP.

Mr Clegg added: 'The Government cannot create a green economy by itself. Only business and investors can do that. We need you to embrace these changes and seize the opportunities they present. This is something that we need to get right, for today, but even more so for the next generation, and the one after that.'

• Click here to read the speech.

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23 May 2011

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