Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Schemes are mooted for £3bn green bank finance

Contractors have begun submitting projects they hope to see financed by the Green Investment Bank to the Department for Business, Innovation and Skills.

The UK Green Building Council will submit a list of schemes it would like to be considered for finance by the GIB after consultation with its members.

UKGBC director of policy John Alker said: “We will submit a list to BIS to say this is what the construction sector is saying in terms of the projects needed to get off the ground.”

Mr Alker said these could include projects such as community-led initiatives in the energy-from-waste or combined heat and power sectors.

Chancellor George Osborne said the GIB would receive an additional £2 billion investment to the £1bn promised in the Comprehensive Spending Review, but it will not have the power to lend until 2015/16. The government will announce further details of the projects that will be targeted in May.

Civil Engineering Contractors Association head of industry affairs Alasdair Reisner said prompt decisions were needed.

“Given the pressing need for infrastructure, there is an equally pressing need to understand what the GIB will fund to enable members of the industry to advance their projects,” he said.

Consultancy Ernst & Young has warned that private sector investment of about £200bn is required over the next decade if the UK is to meet binding EU climate change targets for 2020.

While the government will contribute £3bn through the GIB, Mr Osborne said there would be an additional £18bn of private sector investment in green projects by 2014/15.

The CSR allocated £1bn for the GIB and the government is aiming for the remaining £2bn to be funded from the sale of assets.