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Cameron basks in GIB glow

£1.8bn invested in 46 projects in bank's first five years

Cameron basks in GIB glow image

Prime Minister David Cameron today hailed the success of the UK Green Investment Bank (GIB) during a vist to the headquarters in Edinburgh.

Cameron (pictured) said: “Almost five years ago to the day we committed to create the world’s first green investment bank.

“It has now been up and running for two years and has already backed over 40 new green energy infrastructure projects, bringing £7bn of new investment into every part of the UK.

“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.”

The bank is the first of its kind in the world, set up to invest in new green infrastructure projects across the UK in areas including waste management, energy efficiency and offshore wind.

Since its launch in November 2012, GIB has committed £1.8bn of capital to 46 projects, supporting new investment in UK energy infrastructure of £7bn.

GIB chairman Lord Smith of Kelvin said: “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.”

Image: Conservative Party

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