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GIB passes £5bn mark

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The UK Green Investment Bank reports that is has helped over 200 communities by mobilising more than £5bn in green investment as it celebrates its two year anniversary.

Since October 2013, UK GIB has committed to investing £1.6bn of its own capital in 37 low carbon projects. Every £1 invested by UK GIB has been matched by more than £3 from the private sector.

Prime minister David Cameron said: “Under this government, as part of our long-term economic plan to back business, create more jobs and secure a brighter future for Britain, we have become one of the best places for green investment anywhere in the world – and the Green Investment Bank has played an instrumental role in this.

“Their achievements tell their own story. I’m delighted to congratulate GIB on its second birthday.”

GIB chairman, Lord Smith of Kelvin, said: “In the two years since its launch, the Green Investment Bank has proved itself to be a successful policy initiative and a good business.

“We are investing wisely and the taxpayer will make good returns from us over the long-term. Every pound we invest and every project we support strengthens our position as the most active investor in the UK’s green economy.”