A new report from the Aldersgate Group, released today, will urge the Government to increase the power and remit of the Green Investment Bank (GIB) to ensure it provides the necessary support to the UK’s growing green economy.
The report – Two Years Of The Green Investment Bank: What Next? – gathers contributions by senior politicians from the major parties and devolved administrations, including Secretaries of State Vince Cable MP and Alistair Carmichael MP, Amber Rudd MP, Iain Wright MP and Arlene Foster, Enterprise Minister in Northern Ireland. It also has input from leading business figures such as Abyd Karmali, of Bank of America Merrill Lynch and Bob Wigley, who chaired the Green Investment Bank Commission, plus thought leaders such as Emma Howard Boyd of the Aldersgate Group and Professor Sam Fankhauser, member of the well-respected Committee on Climate Change.
The report was launched at an event to mark the GIB’s first two years of operation and takes the form of a five question Q&A with leading industry figures, asking them whether the GIB has been a good idea; what its biggest achievements have been; what they would change about it; their vision for the GIB in 2020; and what should be in the 2015 General Election manifestos.
Peter Young, Chair of the Aldersgate Group and one of the editors of the report said: “The GIB’s achievements are all the more remarkable considering the restrictions within which it has operated. The government must now broaden the Bank’s remit into new sectors and grant it the ability to borrow, by issuing new products such as green bonds and ISAs. This will widen its impact, increase its leverage and allow the general public to invest in the clean, green industrial revolution that is essential to secure our future wealth and wellbeing.”
Writing in the CIWM Journal, and due to be published next month, the GIB’s managing director for waste and bioenergy, Chris Holmes, wrote: “The future of waste investment is a bright one. Whilst we will continue to challenge the robustness of potential investments, we believe significant opportunities remain in this sector.
“We want to work with more investors to help them better understand the many great opportunities in what is an increasingly dynamic and attractive market. Our job is to catalyse investment – to be green and profitable – and we do that by scrutinising projects to a high degree and bringing confidence to our co-investors.
“We see successful times ahead and are poised to back the next generation of UK waste projects.”