Increased funding for the Green Investment Bank: Deloitte comment |
30 March 2011
Michael Cullen, Deloitte partner said: “The Budget has added clarity around the scale of the Green Investment Bank (GIB), which will seek to deliver at least £21 billion of additional investment in green infrastructure through a combination of public and private sector finance. This will be further boosted by any borrowing which the Green Investment Bank may undertake from 2015-16 onwards.
“This demonstrates a significant level of ambition and commitment by the government to making the GIB work and growing the green economy. It is especially encouraging to see an indication (in the staging of public funding) that the government intends the GIB to grow over time rather than to be a one off market intervention, receiving initial funding in 2012/13, a second tranche in 2013/14 and the potential for borrowing from 2015/16.
The way the government now engages with private sector financiers will be crucial to the achievement of this ambitious level of investment. This, in combination with further affirmation of the Government’s commitment to the Green Deal, indicated that the green economy is firmly at the heart of the government’s business growth strategy."
For further information please visit: http://www.ukbudget.com.
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