Update: UK's Green Investment Bank opens for business

UK business secretary Vince Cable

UK business secretary Vince Cable

Lingering uncertainty over its potential impact on offshore wind hung over the UK’s Green Investment Bank (GIB) as it formally opened for business in Edinburgh.

The first of its kind anywhere in the world, the GIB has been seeded with an initial £3bn ($4.8bn) to disburse over the next three years, with the potentially contradictory goals of accelerating the flow of private capital into “nearly investable” sectors while also turning a small profit.

The GIB’s three “priority” sectors – for which 80% of its funds are earmarked – are offshore wind, waste and non-domestic energy efficiency.

GIB chief executive Shaun Kingsbury, poached from the private equity world, says he anticipates the bank making its first investment in offshore Log in to read complete article.

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