The UK Government announced plans this week to launch a Green Investment Bank.
Chancellor of the Exchequer George Osborne said in his Budget document that the government is “determined” to address barriers to a low carbon economy, and states: “Following the Spending Review, the Government will put forward detailed proposals on the creation of a Green Investment Bank to help the UK meet the low-carbon investment challenge.
“The Government is considering a wide range of options for the scope and structure of the Green Investment Bank. The options will be evaluated for effectiveness, fiscal affordability and transparency,” it adds.
An industry figure has hailed the government’s support of the green investment bank as a positive step for the future of cheap energy initiatives in Britain.
John Barwise, chairman of the Cumbria Green Business Forum, said the government’s backing of the bank is the most positive commitment to come out of the Budget and will send a clear message to investors that the UK is fully committed to supporting the environmental technologies sector.
He stressed that there should be a focus on investing in UK jobs and the government should use the Green Investment Bank to promote investment in manufacturing, ports and other facilities that will stimulate economic growth.
“Take the £75 billion offshore wind farm programme for example – most of the investment will help stimulate manufacturing jobs overseas,” Mr Barwise commented.
“Why pay others to deliver what we can build ourselves here in the UK?”
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