09 Jun '11, 8pm

UK Promises World's First Green Investment Bank by 2012

A Green Investment Bank will begin operating in the United Kingdom in April 2012, according to Deputy Prime Minister Nick Clegg. If so, it will be the first such institution in the world. Many countries have state-supported development banks, but this will be the first with a mission to exclusively fund green projects. It will begin with offshore wind farms and energy efficiency programs, Clegg says. According to Clegg, the government will set aside 3 billion pounds in initial capital to fund the bank. That's expected to leverage an additional 15 billion pounds in private investment for green infrastructure. However, the British parliament must still pass a law that details how the bank will operate, and investors are waiting on these crucial details. Bloomberg New Energy Finance notes there is likely to be a much greater appetite for project financing than the bank can me...

Full article: http://www.sustainablebusiness.com/index.cfm/go/news.disp...

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