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Today’s interim report by the Green Investment Bank Commission has, as expected, recommended the establishment of a UK Green Investment Bank (GIB).
The Association for Consultancy and Engineering (ACE) welcomes today’s report is as a constructive step forward in the debate. ACE looks forward to working with the Government and interested parties to support the implementation of the GIB.
Nelson Ogunshakin, ACE chief executive, said: “ACE has previously called for the use of innovative ways of funding infrastructure. These include the use of infrastructure bonds, an infrastructure investment trust and an infrastructure bank. We welcome the report’s calls for the GIB to focus on addressing market failures that limit private investment in carbon reduction activities and to provide coherence to public efforts to support innovation by rationalising existing Government bodies and funds.”
The report says that the GIB should operate on public-private partnership principles to avoid crowding out the private sector: the GIB should operate only where its actions achieve what would not otherwise be possible.
Nelson Ogunshakin added: “The key obstacles to achieving greater investment in low carbon developments include confidence gaps due to technology risk, market investment capacity limits, political and regulatory risks and the challenge of making multiple small, low carbon developments attractive to investors. Critical to the success of the bank will be a stable carbon price.”
-ENDS-
For press information please contact Simon Goldie on 020 7227 1892 or 07905 279328 – sgoldie@acenet.co.uk
Notes to editors
To read the full report, please click here.
To read ACE’s infrastructure investment paper, please click here.
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