Green Investment Bank
The Department of Energy and Climate Change (DECC) has also upped the initial capitalisation of the Green Investment Bank to £3 billion. It will begin operation in 2012/13, and will have borrowing powers from 2015/16 – and once the target for debt to be falling as a percentage of GDP has been met.
Energy and Climate Change Secretary Chris Huhne, says: “There’s a clear, long-term signal to energy investors in today’s Budget. A Green Investment Bank with substantially more capital and borrowing capacity and a stronger, more stable carbon price put investment in green energy technologies at the heart of the coalition’s strategy for sustainable, balanced economic growth.”
Source: Renewable Energy Focus