A new initiative to help speed the development of clean energy has been launched.

A group of six green banks and two non-profit groups have established the Global Green Bank Network, which is expected to bring “billions of dollars” in new investment for energy efficiency and renewable projects.

It follows the success of green banks in the UK, Australia, Japan, Malaysia and several US states.

Some of the founding partners of the new clean energy initiative are the UK Green Investment Bank (GIB), NY Green Bank and the Green Fund in Japan.

They have appointed the Natural Resources Defense Council and the Coalition for Green Capital (CGC) to spearhead the creation of the network.

Shaun Kingsbury, Chief Executive of the UK GIB said, “Billions of dollars of investment must be channelled into renewable energy and energy efficiency projects over the next 15-20 years if the nations of the world are to fulfil their climate pledges.

“The founding members of the Green Bank Network have impressive track records in drawing private capital to low carbon infrastructure but by building the first collaborative global clean energy finance platform we are sending out a signal that more can be achieved by working together.”

The GIB today announced it is investing in a project to help Santander replace all its lighting with LEDs across the UK.