Cameron heaps praise on ‘world-leading’ Green Investment Bank

Prime Minister David Cameron has underlined his support for the UK Green Investment Bank during a visit to the organisation's headquarters in Edinburgh earlier today (15 May).

The visit, made by Cameron a week after his Conservative Party won the General Election, comes five years after the Green Investment Bank was launched to accelerate the UK’s transition to a greener economy.

More than £1.8bn of capital has been distributed to 46 projects across the UK in that time, supporting new investment in UK energy infrastructure of £7bn. It has so far mobilised £3 of private capital for every £1 it’s invested in projects that deliver a positive environmental impact.

Cameron said: “From its headquarters in Edinburgh it is leading the world in finding innovative solutions to make sure that the UK is at the forefront of the next generation of energy infrastructure.”

Green Investment Bank chairman Lord Smith of Kelvin said the concept – which is the first of its kind in the world – provides a good template for other nations to follow.

“We have built a business which is envied and is being copied across the world,” said Smith. “Our innovative business model is working – we are investing to support new projects, mobilising private capital and helping to establish new markets, all on fully commercial terms. These green investments will result in vital new, modern energy infrastructure for the UK and deliver a profit for UK taxpayers.”

Eight of the Green Investment Banks funded projects are in Scotland – a total investment of up to £450m. This includes investments in low-energy street lighting in Glasgow, small-scale hydro-power investments in Crianlarich, a new renewable energy plant in Speyside that will provide heat to The Macallan whisky distillery and a new high technology waste plant in Lanarkshire.

Luke Nicholls

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