“One year on, the Green Investment Bank is clearly a success story, driving investment where it is needed in Britain’s cutting edge renewable industries. But the level of investment still doesn’t match Britain’s strategic requirements. George Osborne should now give the Bank freedom to borrow to invest at a much bigger scale, to modernise Britain’s decaying, polluting energy system and give a boost to the economy. The market is failing - the big 6 energy firms show no appetite for making the scale of investments needed to keep the lights on, cut energy waste and fossil fuel imports or meet our climate targets. There’s still room for improvement in their investment criteria - a green bank should have no role in backing unsustainable biomass – but the Bank’s new plans to boost offshore wind in the year ahead shows the right priorities.”
ENDS
Contact
Greenpeace UK Press Office - 020 7865 8255
Notes
GIB announcement - http://www.greeninvestmentbank.com/news-and-insight/2014/gib-announces-2013-14-results-and-plans-to-raise-a-new-1bn-fund/
