Newspaper article The Journal (Newcastle, England)

Green Bank 'Must Be Given Support of the Law'

Newspaper article The Journal (Newcastle, England)

Green Bank 'Must Be Given Support of the Law'

Article excerpt

A PLANNED "green investment bank" to unlock billions of pounds for low-carbon technology must be a permanent institution that can borrow from markets, the Government was told yesterday.

The demand came ahead of an expected announcement this week on the plans for the design of the bank, which it is hoped will raise funds for investment in renewables and other measures to cut emissions. Campaigners who have been fighting for a bank as part of efforts to green the economy have voiced concerns that the Treasury is undermining the plans for the institution.

They want the bank enshrined in law and given powers to borrow from the capital markets without which, they say, it will not be able to deliver the needed investment in low carbon technology.

They believe legislation to set up the bank will give it permanence and operational independence which will raise investor confidence. In the Budget earlier this year, Chancellor George Osborne confirmed the bank would go ahead and pledged it would have pounds 3bn in Government funding and from asset sales. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.