News24

UK outlines plans for 'green bank'

2011-05-24 12:36

London - The British government says it plans to open the world's first green investment bank for business next April.

Deputy Prime Minister Nick Clegg said on Monday that the bank - a key part of the Conservative-led coalition government's flagship green policy - will focus initially on investing in areas such as offshore wind, waste and non-domestic energy efficiency.

Clegg said the bank will be given independence from government. It will be capitalised with an initial £3bn ($4.8bn) from the Treasury coffers but will be able to borrow in the capital markets and from the private sector from April 2015.
The bank is a major part of the government's aim to provide the finances to transform Britain into a low-carbon economy.