Green Investment Bank reports ‘positive’ first year
The Green Investment Bank committed £635 million to 11 low carbon projects in its first year, according to its annual report, writes Utility Week.
The transactions, supporting offshore wind, waste-to-energy, biomass and energy efficiency are expected to cut emissions 2.5 million tonnes of CO2 equivalent a year when up and running.
Every £1 of direct investment by the GIB mobilised £3 of private sector investment, the report said. The overall value of the investments was £2.3 billion.
GIB chief executive Shaun Kingsbury said the institution had made “great strides” and shown it could achieve a “double bottom line of being green and behaving commercially”.
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