Warning: preg_match(): Unknown modifier '/' in /home/customer/www/industryleadersmagazine.com/public_html/wp-includes/class-wp.php on line 233
Official Launch of £3bn Green Investment Bank
 

Official Launch of £3bn Green Investment Bank

The Green Investment Bank (GIB) dedicated to green investments

The Green Investment Bank (GIB) dedicated to green investments

On the 28th of November, the Green Investment Bank (GIB) is due to be officially opened by the Business Secretary Vince Cable. The Green Investment Bank, which will be entirely dedicated to green projects, is funded with £3 billion of UK government’s money. The official launch of the new bank is to take place in Edinburgh. The Business Secretary Vince Cable is expected to announce two green projects which will be supported by the first green bank in the world.

Opening of GIB

The Green Investment Bank (GIB), which is due to be launched in Edinburgh, is expected to play a crucial role in luring finance to green investments, including stage carbon capture and storage (CCS) projects. The bank, which starts with as much as £3 billion of equity from the government of the UK, will focus on the green economy. The UK government and the Business Secretary Vince Cable hope that the launch of The Green Investment Bank (GIB) will have a positive impact also on the job market and overall economic growth.

Analysts underline that the choice of Edinburgh for a headquarter of the Green Investment Bank (GIB) means that the UK government wants to show its confidence in the Union as Scotland struggles with the strong pro-independence movement. According to the Business Secretary Vince Cable, Edinburgh is to guide the United Kingdom through the much-anticipated green revolution.

According to different reports, the Green Investment Bank (GIB) might help back activities which are said to be essential to the development of major CCS projects. Many clean technology companies repose hope in the UK’s first green bank as they have envisioned its means as a way of omitting the funding gap which affects, in particular, early stage technologies. However Lord Smith, the chairman of the Green Investment Bank (GIB), has underlined that the bank might not be keen on getting engaged in risky green investments.

The Green Investment Bank, which is said by the UK government to be the world’s first “green bank”, will focus on investments in green projects  in offshore wind, industrial energy efficiency, biomass power, carbon capture and storage, marine energy and renewable heat, etc.

GIB’s Two Investments

Before the official launch of the Green Investment Bank (GIB) in Edinburgh, the Business Secretary Vince Cable has hinted that the institution is to invest in two projects, yet they are to be officially announced also during the long-awaited opening.

First projects to get help from the Green Investment Bank (GIB) are: Greenlight project , Kingspan Group’s project. The Greenlight project is to get as much as £8 million as it plans to build an anaerobic digestion (AD) plant at Teesside, northeast England, the first of six. Kingspan Group Plc, which is dedicated to creating more energy-efficient building materials, will get approximately £5 million.

Even though first investments of the Green Investment Bank (GIB) are not frantically high, they will mark the symbolic beginning of the government’s green thinking. And if these investments can push the private sector and investors to plow into the green technology and green projects, the launch of the Green Investment Bank (GIB) will be regarded as a huge success.

Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Leave a Reply

Your email address will not be published.

Recent Posts

Beeple Getting Hacked Resulted in His Followers Losing Over $438,000 in Crypto

Beeple Getting Hacked Resulted in His Followers Losing Over $438,000 in Crypto

Two tweets were posted using NFT artist Beeple’s account. The first one promoted an exclusive collection with Louis Vuitton. The second tweet announced that Beeple would soon rel
16 hours ago
Microsoft Selling Metaverse to Kawasaki: It’s A Whole New World

Microsoft Selling Metaverse to Kawasaki: It’s A Whole New World

Microsoft’s corporate vice president of mixed reality, Jessica Hawk, recently told CNBC that the metaverse will change how people function across a variety of devices and platfor
18 hours ago
Cryptocurrency Market Updates: Bitcoin Could Hit $500,000 Per Coin

Cryptocurrency Market Updates: Bitcoin Could Hit $500,000 Per Coin

On March 15, Novogratz went so far as to predict that the Bitcoin future price will reach half a million dollars per coin by 2027. He made this statement at the Bitcoin 2022 confer
2 days ago
Klarna CEO Uses Pre-Recorded Message For Laying Off Employees

Klarna CEO Uses Pre-Recorded Message For Laying Off Employees

Managers and HR personnel must be coached on how to compassionately convey the message as it is one of the most difficult conversations an individual can have. Open and honest comm
2 days ago
China Might No Longer Be An Apple Manufacturing Country

China Might No Longer Be An Apple Manufacturing Country

The iPad manufacturer has previously sought to remove China as the main Apple manufacturing country. Trade tensions and a strict Covid-19 policy has previously resulted in supply c
3 days ago
D.C. Refuses to Let Zuckerberg Wash His Hands Off Cambridge Analytica

D.C. Refuses to Let Zuckerberg Wash His Hands Off Cambridge Analytica

In the same year, Racine had sued Meta, then known as Facebook, for failing to protect user privacy and deceiving them about how much data is collected and how it was used. The Att
3 days ago