Business secretary Vince Cable has opened the new Green Investment Bank (GIB) today with initial investments in anaerobic digestion and retrofitting projects.
The bank is funded with £3bn of government money and will mobilise additional private capital to contribute to the development of a green economy. Cable declared two new investments for the bank.
The bank will contribute £8M to an anaerobic digestion (AD) plant at Teesside, the first of six planned over the next five years. It will be the largest single AD project in the UK. It is part of an £80M investment programme by UK GIB in small waste projects.
The bank will also invest £5M to retrofit Kingspan’s UK industrial facilities with systems and services that will reduce its energy consumption by as much as 15%. The project will be the first to be supported by UK GIB’s £100M non-domestic energy efficiency investment programme.
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.”