photo by DECCgovuk (source: Flickr Creative Commons)

An independent report commissioned by the UK’s Conservative Party – when they were in opposition – has found that Britain needs a green investment bank in order to meet its emissions goals for 2020.

The report, entitled ‘Unlocking investment to deliver Britain’s low carbon future’ discusses low carbon investment, issuing ‘green bonds’, tax incentives to help clean energy industries and levies on consumer fuel bills.

From a Reuters Africa report:

The scale of the investment required to meet UK climate change and renewable energy targets is unprecedented.

–Green Investment Bank Commission report

The report also states that the bank should be commercially independent and not accountable to Parliament or ministers.

According to an article in the Independent, Europe and the UK have seen a slowdown in the investment in clean energy due to the financial crisis. Utilities industries have also weakened after a dip in energy consumption, which is ultimately a good thing in this situation, is it not?

A similar plan for a green investment bank is gaining momentum in the US Senate, in light of their failure to sufficiently support President Barack Obama’s climate change legislation.

From an article in the Guardian:

Among the measures gaining in support is the establishment of a clean energy deployment administration, or a green bank. The bank would offer direct financing as well as loan guarantees to new energy infrastructure, energy efficiency and manufacturing technology.

Read more about the Conservative’s clean energy plans in the Telegraph’s interview with UK climate change minister Greg Barker.

About The Author: Graham Land

Greenfudge editor and London-based writer Graham Land grew up in the suburbs of Washington, DC, where he was part of the local hardcore punk scene, playing in several bands. Through this musical movement he became involved in grass roots interests such as anti-racist activism, animal rights and Ecology. In 2000 he relocated to Europe, eventually earning an MA from Malmö University in Sweden. He has also lived in Japan, Ireland, Portugal and Greece.


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