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Green investment bank

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Proposals for a green investment bank were outlined by the Labour Government in the March 2010 budget with the original intention to invest some £2 billion of public and private sector capital in the low-carbon sector.

In his emergency Budget speech in June 2010, George Osborne said: 'We will also take forward our plans to create a Green Investment Bank, bringing forward private investment in clean energy and green technologies.’

The Financial Times reports (28 September 2010) that more than 20 companies, and several financial institutions and professional organisations, have called on the Government to press ahead with plans to create the bank, amid fears that public funds for the bank could be reduced dramatically in the October Spending Review.

Peter Young, Chairman of the Aldersgate Group, is quoted as saying: ‘The green investment bank must be at the heart of the economic recovery, repowering the economy and creating valuable green jobs throughout the UK where they are most needed.’

Issue: 1047
Categories: News