REA welcomes delayed GIB announcement

The Renewable Energy Association has welcomed the creation of the Green Investment Bank which is claimed was long overdue. Yesterday Business Secretary Vince Cable told parliament the new bank would […]

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By Sumit Bose

The Renewable Energy Association has welcomed the creation of the Green Investment Bank which is claimed was long overdue. Yesterday Business Secretary Vince Cable told parliament the new bank would be ‘a new and enduring institution’ as he announced plans for its operation and £3billion budget.

Today REA Chief Executive Gaynor Hartnell gave the Government qualified backing of its plans. She said: “It is encouraging to see biomass power explicitly mentioned in the “Update on the design of the Green Investment Bank” published yesterday. The REA has repeatedly called for this. Had the GIB been fully up and running a couple of years ago, it could have played a key role in overcoming the hiatus which set in over the grandfathering revelations. Without this we’d be much further forward in getting a significant contribution of non-variable, sustainable renewable electricity onto the grid.”

The GIB will be operational from next year and fully lending by 2015

See our related story ‘Cable:Green Bank an enduring institution’ May 24