European regulators have approved UK’s plan to employ £3bn that was granted in state aid for the formation of a Green Investment Bank.
The approval was granted following an investigation by the regulators that will now allow UK GIB to commence investments into low-carbon projects alongside market financing.
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Offshore wind, waste treatment and recycling, non domestic energy efficiency have been outlined as the priority areas for the bank.
Commenting on the approval, the Commission remarked that their investigation had found sufficient safeguards in place to avoid the private investment’s crowding while the provisions governing the bank will also ensure a fair competition. ,
"In particular, project holders seeking funding from the Green Investment Bank will be requested to provide evidence that they have been denied funds or have not obtained all the necessary funding from market operators," the Commission said.
The bank will also focus on the projects in the – biofuels, biomass, carbon capture and storage, marine energy and renewable heat sectors.
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By GlobalDataUK Green Investment Bank Chair Lord Smith, "We clearly have challenges ahead but we have the people, the expertise and the capability to deliver on our priorities and create the foundation for a new climate of green investment."
