GIB must prioritise investment in 'overlooked' waste industry
The Green Investment Bank (GIB) must play a leading role in making the waste industry more attractive to investors, a leading trade body has urged.
The Chartered Institution of Wastes Management's (CIWM) comments come as a parliamentary report released today warns the UK must invest billions of pounds over the next decade in new waste infrastructure if it is to avoid hefty EU fines and landfill taxes.
The CIWM believes waste is a market "often overlooked" by the investment community and says the GIB needs to forge close links with both the waste and finance sectors to identify the most effective funding models and products.
It adds that the timeline is "challenging" for waste with the Government not expected to form a coherent policy on waste infrastructure until spring 2012 when the national waste management plan and associated planning policy are due.
CIWM is urging Defra to co-ordinate with all other government departments to ensure these documents are not subject to delay, and that they interlock with other departmental policies and provide an in-depth 'road map' to help inform the GIB's strategy.
According to CIWM's chief executive, Steve Lee, if the waste industry is to deliver maximum value to the low carbon economy in the form of recovered materials and energy, it needs better collection and processing infrastructure.
"The delivery of this strategically important infrastructure needs to be properly planned for and creating the right investment landscape is essential to achieving this," he said.
"The GIB has an important role to play in stimulating this agenda and building market confidence. There are a number of important issues that must be addressed if the GIB is to make a genuine contribution to creating a 'green' economy."