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Date set for green bank launch

Ministers this week set out plans to establish the government’s £1bn Green Investment Bank by September 2012.

Plan backed by PM

The aim is to produce the first annual data on reserves held and the size of investments made by May 2013.
The timetable was set out in the government’s draft Carbon Plan, its action plan for climate change. The plan is backed by prime minister David Cameron.

The draft plan sets out what has to happen and by when if the government is to live up to its green ambitions, meet tough domestic carbon targets and encourage more international action.

Chancellor George Osborne said the Treasury would put £1bn into the Green Investment Bank in last October’s Comprehensive Spending Review. But he put no timescales for getting the bank working.

When the bank starts operating, more funds are expected to come from the private sector and from the sale of government assets.

The draft plan also says the Treasury must legislate to create a minimum carbon price by the end of next month. This is seen as vital to encouraging investment in new nuclear.

£1bn ‘set aside’

Proposals in the plan also suggest the Department for Energy and Climate Change award the contract for the first carbon capture and storage demonstration by the end of the year. Osborne has said up to £1bn will be set aside for the this.

Further demonstration projects must be identified by May 2012. The Department for Transport has until June to develop a nationwide strategy to promote the installation of electric vehicle infrastructure.

The draft Carbon Plan is now out to public consultation. The final version will be published in the autumn and then updated annually.

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