Business Secretary Vince Cable has officially opened the UK Green Investment Bank (GIB). The institution, which is funded with £3bn of Government money, also aims to mobilise additional private capital.
Speaking in Edinburgh where the new bank is headquartered, Cable revealed that UK GIB had made its first investment, committing an initial £8m to a project in the North East of England that will generate energy from waste. This will attract a further £8m of matching private sector funding.
Cable said: “The Green Investment Bank – a key coalition pledge – is now a reality. It will place the green economy at the heart of our recovery and position the UK in the forefront of the drive to develop clean energy.
“Three billion pounds of government money will leverage private sector capital to fund projects in priority sectors from offshore wind to waste and non-domestic energy efficiency, helping to deliver our commitment to create jobs and growth right across the UK.
“Having the headquarters in Edinburgh is a powerful vote of confidence in the Union, and a testimony to our commitment to helping Scotland lead the green revolution.”