Announcement

Moore welcomes UK Green Investment Bank appointments

This news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

The Secretary of State for Scotland has welcomed the news that Shaun Kingsbury has been appointed as the Chief Executive of the UK Green Investment Bank (UK GIB), which is headquartered in Edinburgh.

The Secretary of State for Scotland has welcomed the news that Shaun Kingsbury has been appointed as the Chief Executive of the UK Green Investment Bank (UK GIB), which is headquartered in Edinburgh.

Mr Kingsbury, is currently an investment partner at Hudson Clean Energy Partners. The UK Government also announced the appointment of the Bank’s Non-Executive Directors, including a number of senior Scots with significant expertise in finance and green energy.

Michael Moore said: “The UK GIB has a key role to play in promoting investment in our environment and technologies across the UK. Getting the right expertise on the private sector and key energy projects is essential and the appointment of Shaun Kingsbury is an important and positive step forward.  I know Lord Smith and Sir Adrian Montague have been working hard behind the scenes as the UK GIB moves towards  being fully operational and this appointment adds to the considerable expertise already in place.

“I am also glad to see the number of hugely experienced and influential Scots announced as Non-Executive Directors. This fully reflects the fact this is a UK institution headquartered in Edinburgh and supported by a strong team in London.”

The list of Non-Executive Directors includes three Scots. The six announced today are:

  • Professor Dame Julia King;
  • Fred Maroudas;
  • Tom Murley;
  • David Nish;
  • Professor Isobel Sharp CBE; and
  • Tessa Tennant.

The UK GIB is designed to accelerate private sector investment in the UK’s transition to a green economy. Offshore wind power generation, commercial and industrial waste processing and recycling, energy from waste generation, non-domestic energy efficiency and support for the Green Deal will be the first priority sectors for the UK GIB, subject to approval by the European Commission.

The Government is committed to setting the UK firmly on course towards a green and growing economy. The transition to a green economy presents significant growth opportunities for UK-based businesses, both at home and abroad. This progression requires unprecedented investment in key green sectors. An estimated investment of up to £200 billion in the energy system alone is needed over the period to 2020. The UK GIB will be uniquely placed to facilitate the transition to a green economy base by addressing the market failures affecting green infrastructure projects.  These failures have led to significant under investment in the key areas required to deliver this transition. Capitalised with £3 billion, the GIB will complement other green policies to help accelerate additional capital in green infrastructure.

The BIS press release can be found here: http://news.bis.gov.uk/Press-Releases/CEO-appointed-at-UK-Green-Investment-Bank-680bd.aspx