DEFINITION: The financial institution was created by the UK Government in November 2012 to invest in green projects on commercial terms and mobilise other private sector capital into the UK's green economy. The GIB has invested £2.7bn in more than 85 UK green infrastructure projects, ranging across wind energy, biomass and energy-from-waste (EfW) facilities. In April 2017, the UK Government completed the sale of the GIB to Australian investment bank Macquarie today (20 April) for a sum of £2.3bn.
Green Investment Bank (GIB)
Macquarie issues joint venture on 1GW solar and battery project pipeline
Macquarie's Green Investment Group (GIG) has announced a new UK joint venture with Enso Energy to create one of the largest solar and battery portfolios that will enhance the biodiversity on each project site.
National Infrastructure Strategy: Government to deliver 'revolution' tied to net-zero
The Government has launched its long-awaited National Infrastructure Strategy, detailing how transport, industry, energy and the built environment will be transformed to reach net-zero, with Chancellor Rishi Sunak using his spending review to confirm a £12bn commitment to the net-zero transition in 2021-2022.
G20 urges preparedness to tackle climate crisis
As Donald Trump skipped some of the key virtual meetings between G20 leaders to play golf, the European Union (EU) has called on nations to learn lessons from the coronavirus pandemic by stepping up preparedness and resiliency to tackle the climate crisis.
Government set to unveil national infrastructure bank tied to net-zero
The Government is expected to unveil the long-awaited National Infrastructure Strategy (NIS) this week alongside the Spending Review, with a National Infrastructure Bank set to be created to replace the UK's involvement with the European Investment Bank and funnel capital towards net-zero projects.
Is Boris Johnson's Ten Point Plan enough to reach net-zero?
Businesses, green groups and entire sectors welcomed the far-reaching announcement from the UK Government to issue a Ten Point Plan that would put the nation on the road to net-zero, but already analysis suggests that more is required to reach net-zero emissions by 2050.
Investment gap: £400bn required to deliver net-zero transition, report finds
On the day that the Government unveiled a new Ten Point Plan to drive investment to assist with the net-zero transition, a new report from PwC has warned that up to £400bn needs to be unlocked and funnelled into green infrastructure to meet the 2050 national target.
Infrastructure policy placing UK's net-zero target at risk, thinktank warns
The UK's net-zero target is in jeopardy due to a lack of legislative requirements on key sectors and infrastructure, with thinktank the Green Alliance warning that there is currently an £11.4bn investment gap in reaching net-zero across transport, buildings, circular economy and natural infrastructure.
Defra doubles £40m green recovery fund for nature after huge demand
The Department for Food, the Environment and Rural Affairs (Defra) has launched a second £40m round of its Green Recovery Challenge Fund, designed to promote nature restoration and conservation, after the initial round proved to be massively oversubscribed.
Report: Only 1% of global climate finance helps water-stressed communities
Of the $73bn of international climate funding provided in 2018, less than 1% was allocated to help the world's poorest people access water and sanitation, a major new report from WaterAid reveals.
BEIS gives businesses extra 12 months to apply for RHI
The UK Government has confirmed that it will extend the Non-Domestic Renewable Heat Incentive (RHI) scheme by 12 months, in light of the impact of Covid-19 on the private sector.
UK's Covid-19 recovery package for energy 'not net-zero aligned', report finds
The UK Government has earmarked £3.8bn of stimulus funding for legacy fossil fuel and nuclear generation, compared to just £121m for renewables, a damning new report has claimed.
Unilever expects to double use of recycled plastics in next 12 months
Unilever has confirmed that 10% of its plastic footprint now consists of post-consumer recycled plastic (PCR), as the company pushes ahead to meet a target of halving the use of virgin plastic.
Mission Possible: Achieving a green recovery for hospitality and leisure
edie's Mission Possible campaign has evolved to focus on the green recovery, with a new series of reports outlining the challenges that businesses in key sectors face in relation to the coronavirus pandemic, and the opportunities that the green recovery will bring. Up next, hospitality and leisure.
Energy giants launch Northern Endurance Partnership to explore carbon capture opportunities
A group of businesses including BP, Shell and the National Grid have formed the Northern Endurance Partnership (NEP), which is aiming to develop carbon transportation and storage infrastructure in the North Sea to assist with plans to decarbonise the UK's industrial clusters.
edie explains: Science-based targets
What makes emissions targets "science-based"? How can businesses go beyond 2C alignment and strive for 1.5C? And what role do these targets play in the net-zero movement? This free edie explains guide answers all of these questions and more.
Unilever and UK Government back chemical plastic recycling innovation
A joint project hoping to scale-up chemical recycling for hard-to-recycle plastics waste, involving Unilever and synthetic fuel giant Neste, has received a £3.1m grant from UK Research and Innovation (UKRI).
UK Export Finance could support 42,000 green jobs by reallocating funds from oil and gas
The UK Government's direct lending facility could support more than 40,000 jobs in the renewables sector annually by 2035, if it were to assume liabilities for renewable exports like it currently does for oil and gas, new research has found.
Capgemini: EU must invest in high-impact climate technologies through green recovery funding
The EU must allocate portions of its €750bn Covid-19 recovery fund to emerging, innovative technologies which decarbonise energy, the built environment, industry, transport and the agri-food sector if it is to meet its net-zero goal by 2050, new analysis has found.
New initiative to help investors funnel $10bn into climate solutions annually
By allocating just 0.25% of their savings and investments to fund not-for-profit projects aiding climate adaptation and mitigation, individual investors could collectively funnel $10bn per year into this space by 2030, a pair of ex-financiers have claimed.
HSBC sets net-zero target, plans $750bn of low-carbon investment by 2030
HSBC has committed to reaching net-zero financed emissions by 2050 and outlined plans to finance at least $750bn of low-carbon activities within a decade.
Issue green sovereign bond to finance UK's Covid-19 recovery, investors urge Government
A group of 30 major investors with more than £10trn of assets under management collectively are calling for the UK Government to launch a green sovereign bond to ensure adequate funding is put behind its mission to deliver a "green" Covid-19 recovery.
$500bn per year needed to halt nature loss and boost biodiversity, nations and businesses told
A coalition of more than 140 nature conservation groups is calling on governments and businesses to ensure that $500bn of funding is provided annually to protect, restore and create habitats.
Blackrock's circular economy fund has raised $900m in its first year
BlackRock has revealed that its investment fund dedicated to accelerating the global development of a circular economy has raised more than $900m in its first year, growing from just $20m of seed funding from the asset management giant itself.
Sustainable MacFries Fund: McDonald's to invest in climate-friendly farming practices
McDonald's has launched a "Sustainable MacFries Fund" in partnership with McCain to improve the resilience of British potato farmers, while also collaborating with the Walmart Foundation, WWF and Cargill in the US to improve land use practices.
Climate technology investments growing five times faster than average market rates
Venture capital investment into climate-related technology is growing five times faster than the average rate of all other industry investments, with new analysis from PwC finding that corporate and investor demands for low-carbon innovation led to $16bn being invested in 2019.
UK needs 'significant' overhaul of infrastructure investment to reach net-zero, report claims
The Confederation of British Industry (CBI) has claimed that the UK Government needs to "undertake a significant programme of infrastructure investment" to enable regulators and private investment to create funding for critical net-zero infrastructure.
edie launches new handbook on ESG excellence and best practice
edie has published a new handbook outlining the key considerations and best practice advice to collecting and compiling Environmental, Social and Governance (ESG) data that investors are increasingly looking for, in order to spur the green recovery.
EU invests €350m in first domestic battery gigafactory
The European Investment Bank issued a €350 million loan on Thursday (30 July) to a Swedish company that hopes to corner a significant share of the global battery market by building the "greenest" power packs available.
Report: Governments collectively failing to deliver net-zero-aligned coal phase-out
Coal accounted for 40% of carbon emissions from energy use last year and this trend is unlikely to be stopped by existing commitments from national governments - including so-called 'green' Covid-19 recovery strategies.
Coronavirus: EU's recovery deal lacking climate spending accountability, green groups warn
Following four nights of negotiations, the European Union (EU) has agreed its biggest joint borrowing plan ever recorded, pledging €750bn to a coronavirus recovery package, but green groups have expressed concerns that focus and accountability on green spending have "taken a battering".
Tesco's EV charging milestone and an offshore wind boom: The sustainability success stories of the week
As part of our Mission Possible campaign, edie brings you this weekly round-up of five of the best sustainability success stories of the week from across the globe.
G20 nations funnel $151bn of Covid-19 recovery funding into fossil fuels
Of the Covid-19 recovery funding allocated to energy companies by G20 governments, 56% has been handed to fossil fuel projects, equivalent to $151bn (£119bn).
Government urged to ratchet up spending into household energy efficiency
The UK Government has been urged to implement a Home Improvement Plan to facilitate more than £5bn in annual spending to improve the energy efficiency of the UK's housing stock to contribute to the net-zero target for 2050.
Survey: Energy professionals believe retrofitting is key to a green Covid-19 recovery
A survey of 350 UK-based energy professionals has found that 80% want the majority of the UK's Covid-19 recovery package funnelled into 'green' industries, with energy efficiency retrofits for housing cited as the most popular route to both economic recovery and net-zero.
Green Recovery: Treasury unveils £3bn package spotlighting energy efficiency and reskilling
Chancellor Rishi Sunak has outlined the key details of a £3bn plan intended to create thousands of "green-collar" jobs, improve energy efficiency and conserve natural resources.
Brits believe a non-green Covid-19 recovery would be bad for the economy, cross-party survey reveals
A survey of more than 2,000 UK voters, in which all major political preferences were accounted for, has revealed that the majority of Brits want a "green" recovery from Covid-19, in which measures designed to boost the economy also serve to reduce pollution and emissions.
One Young World: Business giants invest £500k in SDG-aligned innovations
AstraZeneca, Deloitte and BP are among a cohort big-name businesses to have jointly unveiled £500,000 of grant funding for young innovators working on projects driving progress towards the aims of the UN Sustainable Development Goals (SDGs).
Amazon to invest $2bn in low-carbon innovations
Amazon will invest at least $2bn (£1.6bn) in smaller firms creating technologies or services aimed at reducing carbon emissions to net-zero, the e-commerce giant announced on Tuesday (23 June).
World's biggest liquid air battery under construction in Greater Manchester
Construction on the world's largest liquid air battery is beginning in Trafford this week, after the project secured a £10m grant from the UK Government.
Corporate clean energy sourcing must form part of green Covid-19 recovery, dozens of businesses tell policymakers
Mars, Nestle, and IKEA owner Ingka Group are among a coalition of more than 50 major businesses calling on EU leaders to build the business sourcing of renewables into the bloc's Covid-19 stimulus package, hailed globally as "green".
Report: Global carbon budget will be exhausted in 15 years without fossil fuel finance overhaul
Without drastic action from banks, policymakers and regulators, the world risks becoming stuck in a "climate finance doom loop", whereby financial systems support the organisations contributing most to environmental changes which undermine their very security.
Defra backs natural capital investment projects
Four projects focused on protecting and restoring natural habitat across the UK are being backed by Government funding as part of a pilot scheme to funnel more private sector investment into the natural environment.
UK's gas networks call for £900m investment into zero-carbon infrastructure
Britain's five gas networks companies have today outlined plans to spend more than £900m on zero-carbon energy infrastructure and hydrogen deployment across the UK, subject to Government approval on funding.
Coronavirus: EU's €750bn recovery fund to funnel investments towards climate action
The European Union's proposed €750bn fund to help the bloc recover from the coronavirus crisis will have green strings attached, with 25% of all funding set aside for climate action, the European Commission has said.
Report: Renewables to account for three-quarters of UK's power demand by 2050
The UK could source 76% of its power demand from renewables by 2050, according to a new report from RenewableUK which claims that the nation's net-zero target will spur rapid demand for green hydrogen while attracting more than £50bn to an already world-leading offshore wind sector.
Net-Zero Resources & Waste: The Circular Economy Inspiration Sessions
Hosted during edie’s special Net-Zero Week of online content and events, the Circular Economy Inspiration Sessions offer up an afternoon of live, interactive webinar presentations and discussions – all dedicated to minimising waste and moving towards a regenerative economy.
Planning application for UK's first waste-to-jet fuel plant given green light
A planning application backed by Shell and British Airways to create the UK's first commercial-scale waste-to-jet fuel plant in North East Lincolnshire has been granted planning permission.
Government to introduce 'carbon threshold' for Capacity Market
The Department for Business, Energy & Industrial Strategy (BEIS) has outlined reforms to the Capacity Market auction system which will enable demand-side response technologies to bid for 15-year contracts while adding a carbon emissions limit to spur an increase of low-carbon assets offered contracts.
Lockdown sees global emissions fall by 17%
New research has suggested that daily global carbon emissions recorded in April 2020 were 17% lower compared to the same month last year, largely due to the coronavirus pandemic and forced lockdowns and postponement in production.
Report: UK manufacturers boosting profits by focusing on energy efficiency
UK manufacturers that have taken steps to improve energy efficiency and decarbonise operations are reaping benefits, with 40% reporting increased profit margins and 30% experiencing increased competitiveness.
2,500 by 2030: Government unveils rapid charging vision for England's roads
The Government has unveiled plans to roll out 6,000 new electric vehicle (EV) charging points across A-roads and motorways by 2035, in order to spur the adoption of zero-carbon transport.
MPs to vote virtually on Agriculture Bill
The House of Commons is set to undergo its first virtual voting procedure today (13 May), with MPs given one last opportunity to amend the Agriculture Bill which is designed to safeguard agricultural processes and the natural environment.
Mission Possible: Achieving a sustainable future for RETAIL
edie’s insight report series provides an in-depth exploration of the steps that sustainability and energy professionals within Britain's retail industry can take to achieve a sustainable future, today.
Gravity-based energy storage project set for Edinburgh
A demonstrator project aiming to transform old mine shafts into energy storage systems is set to be up and running in December, after the company behind the innovation agreed to a land rental agreement at a site in Edinburgh.
MPs to probe role of hydrogen in net-zero transition
The Environmental Audit Committee (EAC) is to seek advice on the role of low-carbon hydrogen production and utilisation in accordance with the UK's wider efforts to spur economic growth and reach net-zero carbon emissions by 2050.
Barclays and HSBC blasted over £158bn fossil fuel financing
Banking giants Barclays and HSBC have been accused of financing a combined £158bn into the fossil fuel sector since the signing of the Paris Agreement in 2015, despite both organisations pledging to ramp up sustainable investment portfolios.
Oxford City Council adds electric vehicles to fleet as part of net-zero journey
Oxford City Council has had its first batch of electric vehicles (EVs) issued as both the council and the city gear up to deliver an "energy superhub" as part of a net-zero emissions trajectory.
First funding phase approved for Humber net-zero industrial cluster
Plans to develop the world's first zero-carbon industrial cluster in the Humber region have been boosted after leading energy companies joined an existing consortium of project partners in the same week that Government funding was secured for the project.
Coronavirus: Environmental charities braced for long-term financial turmoil
Nature and conservation charities have expressed concern that the Government's £750m aid package for charities will not be enough to stop the impacts of the coronavirus outbreak from stifling efforts to tackle climate change and protect nature over the coming years.
Company car tax rates for electric vehicles slashed to spur market uptake
New UK regulations that came into force this week will ensure that any businesses purchasing electric vehicles (EVs) will not pay any benefit-in-kind (BiK) tax, as the UK Government attempts to incentivise the market for EVs.
Government issues £3m grant to tackle food waste during coronavirus outbreak
The UK Government has issued a £3.25m redistribution fund across England to help organisations cut back on food waste by redistributing surplus stock during the coronavirus outbreak.
edie explains: Energy-from-Waste
This new edie explains guide looks at Energy-from-Waste (EfW) and the associated technologies and issues surrounding the topic.
Global banks 'failing miserably' on climate crisis by funneling trillions into fossil fuels, study finds
The world's largest investment banks have funnelled more than £2.2tn ($2.66tn) into fossil fuels since the Paris agreement, new figures show, prompting warnings they are failing to respond to the climate crisis.
UK Export Finance accused of climate 'hypocrisy' over funding
Updated: In the same week that the UK Export Finance’s (UKEF) direct lending facility has allocated more than £2bn for clean growth projects a global NGO has accused the government body of “rank hypocrisy” for breaching OECD guidelines by supporting overseas fossil fuel projects.
'A mixed picture': Key green economy figures react to the Budget's environmental provisions
After Chancellor Rishi Sunak opened his red budget box to reveal fresh funding for natural climate solutions and carbon capture and storage (CCS), edie rounds up what key green economy leaders make of the new financial measures for the net-zero transition.
WaterAid: Global climate finance insufficient to 'save lives and livelihoods'
Half of all countries receive less than £4 per person, per year, to spend on climate mitigation and adaptation, with developing nations facing the earliest and worst climate impacts among the most underfunded.
Peterborough unveils plans for UK's largest low-carbon 'smart-city' regeneration project
Peterborough City Council has unveiled a plan to host the UK's largest smart, low-carbon city energy system including renewable electricity generation, energy storage and heat networks.
CDP: Europe's biggest corporates must double green investments to reach net-zero
Some 880 of Europe's largest businesses collectively invested €124bn (£103.8bn) in low-carbon initiatives in 2019 - but this equates to just 12% of their capital expenditure, when 25% will be needed to meet the EU's 2050 net-zero target.
Amazon founder Jeff Bezos unveils $10bn climate fund
Amazon founder Jeff Bezos, widely regarded as the richest man in modern history, has pledged to funnel $10bn (£7.7bn) of his personal fortune into a new fund aimed at tackling climate challenges.
UK universities receive £1.26m boost for low-carbon steel roadmap
Scientists at the Universities of Sheffield and Leeds have been awarded £1.26m to accelerate their work developing low-carbon solutions for the steel sector.
RBS's climate goals and Aldi's plastic bag crackdown: The sustainability success stories of the week
As part of our Mission Possible campaign, edie brings you this weekly round-up of five of the best sustainability success stories of the week from across the globe.
Cabinet reshuffle: Is the promised 'green budget' in doubt?
Earlier this week Chancellor Sajid Javid was said to be reviewing a string of new subsidies to assist with the UK's net-zero transition. With Javid today (13 February) resigning from the position, doubts have been caused as to whether the UK Government can prioritise the green economy in the March Budget.
Carbon trading clarity and citizens in the spotlight: What do businesses want from COP26?
With a successor to the COP26 presidency role yet to be announced, all eyes are on Westminster for news on its plans for organising the crucial summit. But - beyond a stable delivery team - what are UK business's big asks of the conference, both in terms of organisation and execution?
Government unveils fresh funding for business fight against food waste
The UK Government has announced a new £1.15m funding pot for businesses and non-profits aiming to reduce food waste in households and supply chains through behaviour change.
Comic Relief among charities pledging to end fossil fuel investments
Comic Relief, Power to Change, and Guy's and St Thomas' Charity are the latest organisations that have committed to end all fossil fuel investment and adopt a new ethical approach to investing, after joining the Funder Commitment on Climate Change.
30 Under 30: The 2020 Playbook for Sustainability and Energy Professionals
Produced as part of edie's 30 Under 30 initiative, this Playbook offers practical advice on how sustainability and energy professionals can embody 'excellence' in 2020.
Lloyds Banking Group to halve carbon emissions of investments by 2030
Lloyd's Banking Group has pledged to halve the carbon emissions generated by projects it finances by 2030, in support of the UK's 2050 net-zero target.
EU unveils €100bn fund for 'just' low-carbon transition - which excludes nuclear
The EU's regional policy Commissioner Elisa Ferreira revealed on Tuesday (14 January) details of the €100 billion Just Transition Mechanism, a key financial component of the European Green Deal that should make the bloc climate neutral by 2050.
Chancellor vows to prioritise the environment as Budget date set
Chancellor Sajid Javid has confirmed that the UK's next Budget will be held on 11 March, promising fresh spending across the nation's green economy.
Earthshot Prize: Royals aim to spur 'decade of action to repair planet'
The Duke and Duchess of Cambridge have partnered with Sir David Attenborough to launch the 'Earthshot Prize' - a new fund for individuals and organisations working to restore the environment.
Patagonia's Black Friday campaign raises $20m for environmental causes
Outdoor clothing company Patagonia's Black Friday fundraiser for environmental organisations has hit its $10m (£7.6m) target in just 17 days - meaning the firm will now donate $10m of its own to these causes.
8 steps for overcoming the behavioural change challenge
During the SPARK 2.0 event, energy and sustainability professionals discussed the barriers to behaviour change and how businesses could harness the wider awareness of the climate strikes to engage all staff members on the need to manage energy use.
America's Pledge and Europe's Green Deal: What happened on days 8 & 9 of COP25?
COP25 - the UN's annual two-week-long climate summit - has entered its second week in Madrid. Here, edie rounds up all the key news and views from the last few days of the event.
Tesco commits £10m to combat deforestation from soy production in Brazil
Tesco has committed £10m over the next five years to fund a new initiative to transition to producing deforestation-free soy in the Cerrado region in Brazil.
New report reveals surge in employee engagement on energy issues
EXCLUSIVE: The UK's declaration of a climate emergency combined with the recent climate strikes and protests has fuelled a surge in awareness of energy issues among employees across the country, according to the latest Business Energy Barometer conducted by edie.
edie energy managers' survey reveals ESOS 'not worthwhile'
The latest Business Barometer of energy managers for the final quarter of 2019 has revealed the challenges and opportunities ahead of 2020, with many outlining ESOS as a key challenge.
MPs set out vision for net-zero Northern Powerhouse
Conservative MPs representing the North of England believe that the Government's Ten Point Plan and the net-zero target can contribute to a levelling up agenda that would create thousands of green jobs in the North.