Green investment bank on the way, says energy minister
◆ 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.