The UK Green Investment Bank is the first bank of its type in the world. The Bank was created by the UK Government, the sole Shareholder, and capitalised with an initial £3.8bn of public funds. The Bank uses this finance to back green projects on commercial terms and mobilise other private sector capital into the UK's green economy.
The Bank has backed over 44 green infrastructure projects,committing £2bn to the UK's green economy:
- investor in UK based green infrastructure projects;
- primarily invests in three sectors, energy efficiency, waste and bioenergy, and offshore wind;
- each investment must make a positive contribution to the Bank's five green purposes and it must provide commercial returns;
- invest on terms equivalent to others in the market - the Bank does not offer low-cost finance or grants;
- works to mobilise other private sector capital, crowding in additional finance rather than displacing other investors; and the Bank is committed to being innovative by building and strengthening the UK market, not simply serving it.
The UK Green Investment Bank's investments help fund the creation of new energy and waste infrastructure across the UK and with that, new jobs in construction and operations.
The Bank is a key part of the UK's efforts to achieve its legally binding environmental targets. These targets require an investment of £330bn in the UK's green economy by 2020. To date investment in the UK's green economy is less than half the required rate.
For further information:
Telephone: 0330 123 2160