UK Green Investment Bank To Help Finance International Climate Fund

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In a written statement published on the Department of Energy & Climate Change website, the UK’s Secretary of State for Energy and Climate Change has announced that the UK Government, along with the UK’s Green Investment Bank, will back a new pilot program to the tune of £200 million to invest in renewable energy and energy efficiency projects in developing countries.

GIB-1The £200 million will come from the £3.87 billion International Climate Fund (ICF), and will be targeted initially towards three regions: East Africa, South Africa, and India.

In addition to facilitating investment in renewable energy and energy efficiency projects, the new pilot program will also support “economic growth, job creation, and development of reliable energy infrastructure.”

“This important new pilot programme will see [the Green Investment Bank] (GIB) investing outside the UK for the first time,” said Shaun Kingsbury, chief executive of UK Green Investment Bank. “I am confident that our unique business model, tried and tested in the UK, will have a very positive effect in developing countries, helping them to build vital new green energy infrastructure.”

The Department of Energy & Climate Change (DECC) highlighted the “very successful” efforts of the GIB in “mobilising private sector investment into the UK’s green infrastructure and economy.” Apparently, since its launch in 2012, the GIB has invested in 42 separate projects, “and committed £1.8bn of capital, which will deliver £6.6bn of new infrastructure investment.” Upon completion, these projects will save approximately 3.7 million tonnes of CO2 from entering the atmosphere per year.

This new £200 million will come from the £3.87 billion that the UK had already allocated to the IFC to finance such projects, in line with the joint mobilization of $100 billion of climate finance a year by 2020 developed countries such as the UK had committed to deliver to developing countries, sourced from both public and private sources.

The UK’s Green Investment Bank popped up several times in the news last year, thanks to two big announcements: First, in June, the GIB announced that it would raise £1 billion for a new fund to “acquire equity stakes in operational offshore wind projects in the UK,” going a long way to boosting the country’s offshore wind industry. Later in the year, UK Prime Minister David Cameron publicly congratulated the Green Investment Bank for mobilizing more than £5 billion for new green energy infrastructure projects.


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Joshua S Hill

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

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4 thoughts on “UK Green Investment Bank To Help Finance International Climate Fund

  • “This new £200 million will come from the £3.87 billion that the UK had already allocated to the IFC to finance such projects..”
    So it’s not new money, just an allocation of funds already promised. It’s not a bad idea, but spin doctors love to double count.

  • Re-announcements are so annoying. Why do journalists fall for them?
    Does India really need UK tax payers money while our National Debt continues to grow; up 73% under the coalition government according to the IMF?

    • India needs more electricity. More electricity will increase production and generate more revenue to pay off debts.

      India needs to close coal plants. Heath problems caused by coal damage an economy.

      Borrowing money can be a wise thing to do if the money will be spent wisely.

  • Perhaps the OA budget which has been in the news recently could have part of its budget ‘ring fenced’ for RE developments rather than be siphoned off into various dictators Swiss accounts?

Comments are closed.