This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
(Transcript of the speech, exactly as it was delivered)
“Dear Ladies and Gentlemen!
“I am delighted to be here today and speak about Green Investment Bank.
“GIB was established in May last year but became fully operational in November 2012. The bank was set up as a UK public limited company for the purpose of investing in green projects. Capitalization amounted to £3.8 billion to be spent between 2012 and 2015. The main idea behind establishing the bank was to leverage private investments in low carbon projects. So let me briefly talk about outcomes of GIB activities since last year.
“80% of GIB funds are invested to three priority sectors such as offshore wind, waste management and non-domestic energy efficiency.
£102.5 million pounds were allocated to offshore wind projects. £45 million of which were spent to refinance 24.8% stake in two offshore wind farms located off the North West Coast of England. Another £57.5 million invested in offshore wind through acquisition of a 24.95% stake in 90MW wind farm in North Wales. Both projects are expected to provide enough clean green electricity to power around 400,000 UK homes and reduce 480,000 tonnes of CO2 emissions.
£275 million invested in non-domestic energy efficiency projects, mainly to build non-domestic buildings, street lightning and smart meters. £125 million is spent to co-fund Green Deal programme.
Domestic and industrial waste management projects received £257 million from GIB. Projects are aimed to effective landfill management, biomass power generation and waste recycling.
“More detailed information on GIB and its case studies can be found at www.greeninvestmentbank.com.