Green in­vest­ment bank on the way, says en­ergy min­is­ter

The Daily Telegraph - Business - - Business -

◆ The Gov­ern­ment is close to cre­at­ing a state-backed green in­vest­ment bank to drive the de­vel­op­ment of low car­bon in­fra­struc­ture, writes Emma Gat­ten.

Speak­ing at an event this week Kwasi Kwarteng, en­ergy min­is­ter, said he ex­pected an an­nounce­ment “in the not too dis­tant fu­ture”.

Mr Kwarteng said there had been “broad dis­cus­sion within gov­ern­ment about how we can in ef­fect cre­ate the Green In­vest­ment Bank 2.0”. He said such a body would need se­ri­ous con­sid­er­a­tion if the UK had “any chance” of meet­ing its statu­to­rily bind­ing com­mit­ment to be net zero in car­bon emis­sions by 2050. The first green in­vest­ment bank was es­tab­lished un­der the Con­ser­va­tive-Lib Dem coali­tion and was sold to Aus­tralian in­vest­ment bank Mac­quarie Group in 2017 for £2.3bn.

It drove early in­vest­ment in off­shore wind, which now gen­er­ates 10pc of UK elec­tric­ity.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.