It has emerged that the Green Investment Bank (GIB) will begin operation in April next year. This policy – formed by the Coalition Government – will fund projects such as the Green Deal.
The deputy Prime Minister, Nick Clegg has signalled that ‘Offshore wind, waste and non-domestic energy efficiency’ will be the early priorities of the policy and he has also stated that there will be funding for the first stages of the Green Deal. The initial investment for the Green Deal will be an estimated £3 billion which will help raise £15 billion worth of investment for green infrastructure by 2015.
The Coalition Government have been coming under some scrutiny in recent weeks as they seemed far from their promise of being the ‘Greenest Government Ever’ but they have seemed to up their game.
Nick Clegg also emphasised that the legislation would insure the Green Investment Bank would be independent, which was a cause of concern for the interested parties before this announcement.
Paul King, Chief Executive of the UK Green Building Council said, “The Green Investment Bank will be central to ensuring we cut carbon in a way that benefits business and ordinary people. “Not only has the Government recognised how important legislation is, ministers have rightly linked the Green Investment Bank with the need for low-cost finance to ensure the Green Deal delivers a home refurbishment revolution to the UK.”