Plans to set up the bank, which aims to unlock investment in low carbon industry and technology, formed part of the coalition agreement – but there are now fears it could be hit by cuts to Government spending set to be unveiled next month.
A statement released by big businesses, MPs, green groups and other organisations on Wednesday said the bank needed capital totalling £4bn to £6 billion – which could be a combination of public and private funding – over the next four years.
The funding could leverage more than £100 billion in investment from the private sector, and was the minimum required to ensure the bank helps make the UK a world leader in developing low carbon technologies.
The statement also calls for the bank to prioritise investment in renewable energy and energy efficiency, including supporting the “green deal” to make homes more energy efficient, and to issue green bonds and ISAs to tap into private capital.
Source: Express & Star