The government has set out plans to get its £1bn Green Investment Bank operational by September 2012, with the first annual data on the funds in and size of investments made by the bank to be released by May 2013.
The timetable was set out in the government’s draft Carbon Plan, an action plan on climate change backed by prime minister David Cameron.
The 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 greater action internationally.
Chancellor George Osborne committed to putting £1bn into the green investment bank in last October’s Comprehensive Spending Review, put no timescales were put on getting it up and running. The plan now commitments the Deparment for Business Innovation and Skills to getting the bank up and running by September next year. Once operational, more funds are expected to come from the private sector and the sale of government assets.
Other deadlines in the plan include the Treasury legislating to create a floor in the carbon price by the end of next month. This is seen as vital to encouraging investment in new nuclear.
The Department for Energy and Climate Change has also been given until the end of the year to award the contract for the first carbon capture and storage demonstration. Osborne has said up to £1bn will be set aside for the this.
Further demonstration projects must be identified by May 2012.
By June the Department for Transport must have developed a nationwide strategy to promote the installation of electric vehicle infrastructure.
The plan has been published in draft with the government inviting the public and organisations to give their views on the contents. A final version will be published in the autumn and then updated annually.
The new Carbon 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 greater action internationally. It is focused on the jobs and economic opportunities of the low carbon economy and on policies that will help insulate Britain from future energy price shocks.
The plan is published in draft today with the Government inviting the public and organisations to give their views on the contents. A final version will be published in the Autumn and then updated annually.
In a foreword to the document, Cameron, deputy prime minister Nick Clegg and energy and climate change secretary Chris Huhne write: “This Carbon Plan sets out a vision of a changed Britain, powered by cleaner energy used more efficiently in our homes and businesses, with more secure energy supply and more stable energy prices, and benefiting from the jobs and growth that a low carbon economy will bring.
“But it does more than that. It shows exactly how we will deliver that vision and play our part in the global effort to tackle climate change and build a green economy through specific, practical action across government, month by month and department by department. We want the public to tell us where we can be even more ambitious, and hold us to account on delivering what we say, when we say.”