BIS has today announced the appointment of the UK’s new Green Investment Bank’s top directors. Lord Smith of Kelvin will be the Chair of UK Green Investment Bank plc and Sir Adrian Montague has been appointed as Deputy Chair and Senior Independent Director.
Both have experience with power and utilities as well as strong financial backgrounds, BIS claim.
When the green bank goes live it will aim to accelerate private sector investment in the green economy. Capitalised with £3 billion, BIS say the GIB will play a “vital” role in addressing market failures affecting green infrastructure projects.
Deputy Prime Minister Nick Clegg said: “Britain is already a powerhouse in green industries, but we are still not tapping all of our potential. I am determined that the Government will do everything it can to support this burgeoning sector and set the UK firmly on course towards a green and growing economy. The UK GIB will play a key part in this.”
The newly formed Board will now start to recruit the company’s other directors and senior executive team, with the hope of having the GIB fully operational by autumn.