336:, publicly criticised the Coalition's scrapping of a planned rise in aviation tax, its watering down of schemes that promote small-scale renewable electricity and its failure to promote a "green investment bank" with immediate borrowing powers. Mr Porritt claimed he examined 75 policies on which the government had committed itself, finding little or no progress in 55. The government responded that it remains "committed to the environment", but claimed that the economic recession had affected environmental policies.
40:
213:
was established to study and recommend ways of meeting the country's obligations. The committee reported that for a new, low-carbon business and government infrastructure to be established, the necessary investment would range between £200 billion and £1 trillion over the next two decades.
371:
at a speech at
Climate Change Capital stated that the Green Investment Bank "will begin operating in April 2012", adding that the bank's early targets would be "offshore wind, waste and non-domestic energy efficiency". Clegg added that legislation would "ensure the independence of the institution."
276:
government defined its primary economic objective to be the drastic reduction of
Britain's debt and yearly deficits. Accordingly, the government sought to create a financing scheme for the environmental investment needs of the country that would be funded mainly by the private sector, including the
221:
In 2009, two reports were published advocating the creation of a state-backed infrastructure bank to provide financing to green projects. The first, entitled "Accelerating Green
Infrastructure Financing: Outline proposals for UK green bonds and infrastructure bank" was published in March 2009 by
358:
Criticism also centred on the location of the institution. Bloomberg claimed that "Most of the 50- 70 jobs will initially be in London..." and some questioned that the decision to locate many jobs in London, despite the announcement headline of
Edinburgh being chosen as winner of the location
293:
of
October 2010 that announced a raft of austerity measures to deal with the UK government deficit, also included an announcement about the creation of a Green Investment Bank. The government expected to obtain by early 2013 the European Commission's approval for state aid to the Bank, with
355:, criticised the nomenclature of the GIB in January 2011, when she wrote that "It's a bit rich to call a green investment bank if it can neither borrow nor lend". Lucas argued that without these powers, "it would be a fund – that is, a pot of money that, once used up, is gone forever.".
474:, to lead a team of "independent financial experts" in setting up the UK Green Investment Bank before it started work the following year. Cable stated that the bank would be initially staffed by up to 100 people tasked with "financing the Coalition's plans for a low-carbon economy".
310:, whose director stated that "the only cost the Treasury should consider is the cost of failure to unleash this institution's massive potential to re-power our economy." Environmentalists engaged in public demonstrations demanding a quicker implementation of the plans.
847:"While different investor groups can be comfortable with different elements of risk profiles, the number of investors willing to take the set of required risks may be limited by lack of information and experience and the application of risk-averse rules of thumb."
386:", which will need "significant investment over the coming decades." Cable also stated that the GIB will have an initial capitalisation of £3 billion, which "the Government believes will leverage a further £15 billion of private investment".
217:
The committee further stated that since traditional sources of capital for investment in green infrastructure could not provide even half that amount by 2025, there would be a funding gap that needed to be covered by the state budget.
285:
remained sceptical after objections to the creation of such a bank were raised by the
Treasury, since a Green Investment Bank would "swell the state deficit" as it would appear as a liability on the government's balance sheet.
423:(UKGI). It stated the team's role was to "drive investment in the UK’s green infrastructure until the Green Investment Bank is formally established". Initially the UKGI team consisted of six members: five men and one woman.
1043:
280:
In June 2010 the Green
Investment Bank Commission, established by George Osborne in opposition, after holding hearings recommended that the government created an eponymous banking entity within the year. Chancellor
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1022:
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389:
The same day, BIS, in a press release containing answers to "frequently asked questions" about the bank, outlined the planned finances of the GIB and its activation in "three phases":
321:
in the UK". An economic study commissioned by WDM and
Platform recommended that, instead of creating a new "banking scheme", the government should "transform the publicly-owned
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in 2017, creating one of Europe's largest teams of dedicated green infrastructure investors, and now operates under the name Green
Investment Group. It has offices in
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government was committed "to support offshore wind energy" and other forms of alternative energy, which he also billed as "crucial to guiding the country out of
430:
on 17 October 2012, allowing the bank to become fully established. The bank was subsequently formally launched in
Edinburgh by Vince Cable on 28 November 2012.
601:
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BIS appeared to indicate on 12 December 2011 that the 'Incubation' phase had progressed, with the announcement of a new team within the department:
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was announced as the first Chair of the bank by Vince Cable. Shaun Kingsbury was the bank's chief executive from October 2012 to 2017.
333:
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contest, pointed to a "bid to defuse Scottish independence... a blatant move to unite the capitals over Alex Salmond's key policy."
340:
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242:. These proposals were then contained in the manifestos of each of the main political parties for the 2010 UK General Election.
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in 2012 as the first institution of its type in the world. The organisation was acquired by the diversified financial group
416:
for the bank. The document was cautiously positive about the prospects of private investment in the environment in the UK.
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disputed that such a small scheme will attract the kind of investment needed to "generate green jobs, green industry and a
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by 2050. More importantly, the Act committed the UK to generating a significantly higher percentage of its energy from
154:
principal investment, project delivery and the management of portfolio assets and related services. It is owned by the
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However, non-government organisations and environmentalists criticised the scheme because it lacked ambition. The
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408:(ca. 2015–16): Bank given powers to borrow, "subject to public sector's net-debt falling as a percentage of GDP".
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589:
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396:(April 2012 until state aid approval): Government makes direct financial investments in the "green economy".
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contained the first mention of a "green investment bank" scheme, earmarked with £2 billion. Chancellor
191:
155:
602:"Accelerating Green Infrastructure Financing: Outline proposals for UK green bonds and infrastructure bank"
382:, in addressing the parliament, stated that the bank will become "a key component" of the transition to a "
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402:(following state aid approval): UK Green Investment Bank established as a "stand-alone institution".
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230:. The second, entitled "Delivering a 21st Century Infrastructure for Britain" was published by
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520:"GREEN INVESTMENT GROUP LIMITED - Overview (Free company information from Companies House)"
809:"UK Business Secretary sets out future of Green Investment Bank as ‘enduring institution’"
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into a powerful green investment bank", in the process also "creating 50,000 green jobs".
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On 25 May 2011, Vince Cable informed the House of Commons that BIS would appoint
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570:"Government figures show Britain will fail to meet its Kyoto obligations"
534:"Macquarie Group leads consortium to acquire the Green Investment Bank"
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912:"Privatisation of Green Investment Bank could 'damage its reputation'"
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706:"Greenpeace activists scale Treasury building in green bank protest"
761:"The green investment bank: neither particularly green, nor a bank"
128:
1023:
Environmental Audit Committee inquiry into Green Investment Bank
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The plans for the environmental funding scheme were endorsed by
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Department for Business, Innovation and Skills official website
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investment in green projects estimated to begin by April 2012.
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the bank, with the stated aim of giving it full access to the
227:
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Nature conservation organisations based in the United Kingdom
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Department for Business, Innovation and Skills, December 2011
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Department for Business, Innovation and Skills, January 2012
785:"Green Investment Bank bid to defuse Scottish independence"
592:, Environmental Audit Committee, House of Commons, UK, 2011
471:
1017:
938:"UK government's sale of Green Investment Bank completed"
797:"Clegg: UK green bank 'to begin investing in April 2012'"
749:"PM's pledge of greenest government 'vanishingly remote'"
633:"Budget 2010: Chancellor announces green investment bank"
773:"Green Bank Will Have Base in Edinburgh, Jobs in London"
680:, Speech by Vince Cable, BIS Secretary, 12 December 2011
1074:
Department for Business, Energy and Industrial Strategy
887:"UK Green Investment Bank gets green light from Europe"
558:"UK to base Green Investment Bank in Edinburgh, London"
614:"Delivering a 21st Century Infrastructure for Britain"
959:"Nuclear boss Sir Adrian Montague to head Green bank"
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from the British Parliament website, 27 October 2010
836:"Update on the design of the Green Investment Bank"
663:"Green investment bank 'must operate commercially'"
426:State aid approval for the bank was granted by the
412:Dr Cable unveiled on the same day his department's
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328:In May 2011, a former adviser to the government,
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27:Investment company based in Edinburgh, Scotland
889:Department for Business, Innovation and Skills
8:
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976:"Lord Smith to chair Green Investment Bank"
161:The business was launched initially by the
648:"British coalition stresses need for cuts"
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450:. On 18 August 2017 the bank was sold to
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234:in September 2009 and was written by
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899:"Cable launches UK's 'Green Bank'"
604:, Climate Change Capital, UK, 2009
470:, chairman of private equity firm
334:Sustainable Development Commission
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1079:Investment in the United Kingdom
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341:Green Party of England and Wales
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442:put forward proposals to part-
140:Green Investment Group Limited
33:Green Investment Group Limited
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763:The Guardian, 27 January 2011
1049:Economy and the environment
787:The Telegraph, 8 March 2012
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332:, who had been head of the
68:; 12 years ago
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315:World Development Movement
251:British government budget
37:
940:. GOV.UK. 18 August 2017
148:UK Green Investment Bank
50:UK Green Investment Bank
18:UK Green Investment Bank
863:GIB moves a step closer
775:Bloomberg, 8 March 2012
454:for £2.3 billion.
192:Climate Change Act 2008
167:Macquarie Group Limited
918:. UK. 19 December 2015
812:Energy Efficiency News
323:Royal Bank of Scotland
224:Climate Change Capital
799:BBC News, 23 May 2011
733:"Bank for the future"
650:EuroNews, 13 May 2010
590:Green Investment Bank
560:Reuters, 8 March 2012
406:Full borrowing powers
270:2010 general election
150:, is a specialist in
751:BBC News, 7 May 2011
723:WDM, 20 October 2010
690:Letter to the editor
479:Lord Smith of Kelvin
421:UK Green Investments
289:The UK government's
238:, James Wardlaw and
152:green infrastructure
129:greeninvestmentgroup
678:"Resource security"
619:26 May 2012 at the
464:Sir Adrian Montague
414:statement of vision
272:, the newly formed
190:As a result of the
34:
575:, 18 February 2006
384:low-carbon economy
377:Business Secretary
339:The leader of the
1054:Banks of Scotland
711:, 19 October 2010
538:www.macquarie.com
349:Brighton Pavilion
200:renewable sources
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507:References
501:Trust fund
458:Management
394:Incubation
369:Nick Clegg
304:Greenpeace
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298:Criticism
263:recession
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175:Edinburgh
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901:BBC News
617:Archived
485:See also
363:Creation
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277:banks.
186:Origins
181:History
124:Website
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