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Waste A Possible Priority For Green Investment Bank

23 May 2011

Deputy Prime Minister, Nick Clegg, today announced that waste was one of three "possible early priorities" for support from the Green Investment Bank. Along with off-shore wind and non-domestic energy efficiency, waste could be benefitting from the investment as soon as April 2012

Clegg made the announcement at Climate Change Capital, an environmental finance event, and said of the £3bn Green Investment Bank: "There are capital funds that want to invest in the green economy, and firms bursting to grow but desperate for funds. The role of the Green Investment Bank is to close the gap between the two. Smart investment from the Bank will catalyse much greater investment from the capital markets.

"The establishment of the Bank represents a world first. Most countries have a development bank. But the UK will be the first country in the world to have a national bank dedicated to the green economy.

"The Government is determined to get this new bank right, but equally to make progress quickly, avoiding unnecessary delay."

He explained that investments will be able to be made within 11 months, by April 2012, that the £3bn capital should enable a total of £15bn investment in green infrastructure by 2014/15 and that "possible early priorities for the Bank are off-shore wind, waste, and non-domestic energy efficiency". He added: "We are also looking at the potential for using the Bank to help deliver the first stages of the Green Deal [the Government's drive to promote energy efficiency]. In the initial period, investment decisions will be made under interim governance arrangements, which Vince Cable will set out in more detail shortly.

"And finally, the Bank will have borrowing powers from April 2015," Clegg announced.

Speaking in response to today's announcement, CIWM chief executive, Steve Lee, commented: "It is heartening to hear that waste is one three possible priorities and I look forward to finding out more about the form that will take, especially with borrowing restricted until 2015.

"This is a positive step forward, and good news for the waste industry, but we now need to hear more about how and where the funds will be applied, especially as there are only 11 months left to put this plan into action."

Ben Wood