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Crack team confirmed to advise the government on new green bank

The team of experts who will advise ministers on the establishment of the Green Investment Bank has been unveiled by business secretary Vince Cable.

It will be chaired by former British Energy chairman and current non-executive director of Skanska AB Sir Adrian Montague.

The group will be made up of nine other voluntary members with extensive financial backgrounds, from building and running institutions to project finance and making transactions.

The group also includes “first-rate expertise” in green economics, sustainable and responsible financial services and development banking.

The government said the bank will become a key component of its green policies and will accelerate transition to a green economy.

The group will operate for around 18 months while state aid approval for the GIB is sought from the European Commission.

During this period, the government expects to deliver £775 million of the £3 billion set aside by the Treasury for investment.

Mr Cable (pictured) said: “I am very pleased we have secured such an excellent mix of people.

“The group has wide-ranging credentials relating to energy and other environmentally important industries, hands-on financing experience and a deep understanding of infrastructure.

“We also have people with a background of starting up new credit institutions and managing a development bank.”

Sir Adrian Montague said: “The members of the advisory board all bring a wealth of experience with them and I can’t wait to start work with the group during this critical and exciting time in the development of the Green Investment Bank.”

The government confirmed in May that the bank would be able to lend money to projects from April 2012 and that financing could be available initially to kick-start the Green Deal scheme.