02 Jun '11, 12pm
Government-Backed Green Investment Bank is Huge Win for Environmentalists (Video)
As Friends of the Earth campaigner Simon Bullock explains in the video above, the creation of the bank is not the only thing environmentalists are celebrating. They're also delighted about many of the details of how it will operate. From the news that it will be able to invest in energy efficiency in people's homes (as opposed to just building fancy new clean tech), to the fact that it will become a permanent institution enshrined in law (as opposed to a temporary government program)—it really does look like, for once, green campaigners have gotten most of what they ask for. There are, however, concerns that the bank will not be allowed to borrow money until 2015—something campaigners say is an unnecessary delay.