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European Commission backs Green Investment Bank

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Bank will start operating in the next few weeks

Plans by the UK government to set up the world’s first Green Investment Bank (UK GIB) have been approved by the European Commission.

The bank is now set to begin operations in the next few weeks.

Business secretary Vince Cable said: “Funded with £3 billion of government money and mobilising additional private capital, the UK GIB has the potential to make a significant contribution to the development of a green economy.

“State aid approval gives the Bank the green light to expand investment in the UK’s green infrastructure.”

Earlier this year the bank was established as a public company. Final preparations are now in hand for the UK GIB to begin making investments.

The official launch of UK GIB will be at the end of November.

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