United Kingdom

United Kingdom

UK allocates £1bn to Green Investment Bank

UK: The UK government has allocated £1billion for the development of a Green Investment Bank (GIB), to help fund renewable energy projects.

Renewables was one of the winners to come out of the review, which aims to realign the UK's finances.

Chancellor of the exchequer George Osborne said the aim was for the UK to become "a leader of the green economy".

Additionally, Osbourne also unveiled the government was investing £200million in ports and services to support the offshore sector.

The GIB formed part of the Conservative Party’s manifesto in the run-up to the May general election. The plans include the launch of bonds to help finance energy projects of up to €200million.

The bonds would take the form of tax-exempt savings funds, which would be linked to renewables projects. While the bank itself would be set up along the lines of Germany's government-owned KfW Bankengruppe, which invested an estimated €20billion in environmental projects in 2009.

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