UK's Nick Clegg unveils long-awaited details of green investment bank
(The Guardian, 23 May 11) Vince Cable set to announce further details including its borrowing powers and governance
The UK's green investment bank will be investing in UK low-carbon infrastructure projects within a year, and is expected to have assisted in injecting £15bn into the green economy within four years, Nick Clegg told a City of London audience on Monday.
The deputy prime minister cheered investors by setting out key concessions when announcing the details of the long-awaited new bank, the government's flagship green policy, which is intended to provide the capital to transform the UK to a low-carbon economy.
He said the bank would be set up under legislation, to give it independence from ministers – a major concern for investors, who feared that Treasury plans to avoid legislation and retain control over the bank would spell years of damaging political interference. Clegg said: "We are determined this organisation will be part of the institutional architecture of this country. The green investment bank will go from an idea to a flow of investment in under two years, and quickly grow into an independent investing, and then borrowing, institution. A real legacy of the coalition government's green commitment."
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