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Green Investment Bank – ready for takeoff

05/07/2012

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United Kingdom

Green Investment Bank – ready for takeoff

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In last summer's edition of Informer we looked at the proposed launch of the Green Investment Bank (GIB).  The GIB is now firmly on the launch pad, ready for takeoff. 

The GIB is expected to be operational this autumn, once legislation has been passed and the European Commission has approved it.

The draft Enterprise and Regulatory Reform Bill, which will enable the GIB to be set up, had its second reading in Parliament on 11 June 2012.  It is now being considered by Parliamentary Committee.  Written comments are invited from the public by 17 July at the very latest. See here for details of how to comment. 

The Bill is designed to allow the Government to set up and provide financial assistance to the GIB and to secure its operational independence.  A company called UK Green Investment Bank plc has already been incorporated for this purpose.  Its headquarters will be in Edinburgh, with the main transaction team based in London. 

We will keep you posted as further developments occur. 

Carlos Pierce is a partner in the Energy and natural resources group at Field Fisher Waterhouse LLP.

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