The Green Investment Bank: second report of session 2010–11: volume I

The Green Investment Bank: second report of session 2010–11: volume I
Document type
Report
Corporate author(s)
Great Britain. Parliament. House of Commons. Environmental Audit Committee
Publisher
TSO
Date of publication
11 March 2011
Series
Parliamentary Papers. Session 2010-2011; HC505-I
Subject(s)
Trends: economic, social and technology trends affecting business
Collection
Business and management
Material type
Reports

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This report argues that If the Government is going to be able to demonstrate that it is the 'greenest ever', it must take advantage of the current momentum behind the Green Investment Bank, and set up a bank with the potential to deliver the scale of investment required, significantly helping to put the UK on the path to a low-carbon economy and achieving our challenging emission reduction and renewable energy targets. It is the firm view of this Committee that if the Green Investment Bank were unable to raise private finance there would be little if any prospect of the Government meeting those goals. The UK has a legal commitment to reduce its carbon emissions by 2050, and also to generate a higher percentage of energy from renewable sources by 2020. The Committee on Climate Change and others have called for a ‘step change’ to deliver the new low carbon infrastructure required to meet these targets. The scale of investment needed is unprecedented: most estimates range between £200 billion and £1 trillion over the next 10- 20 years. Traditional sources of capital for investment in green infrastructure can only provide £50 to £80 billion up to 2025, leaving a funding gap running into hundreds of billions of pounds. The Government’s top priority is to cut the deficit, so investment will have to come predominately from the private sector. To bring in this investment, there are a number of market failures and investment barriers that require urgent remedial action. A Green Investment Bank will be an essential means of unlocking the enormous scale of private sector investment needed. This is volume 1 of 2 of the report.

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