Environmental Audit Committee report on the Green Investment Bank

The Environmental Audit Committee has published its report on the Green Investment Bank (GIB). It has warned that the UK could potentially lose out on hundreds of billions of pounds of investment in green energy projects if government does not commit to its plans for a GIB. According to the Committee, the UK needs a game-changing injection of private sector investment to meet climate change targets and move to a green economy. The UK has a legal commitment to reduce its carbon emissions by 2050, and also to generate a higher percentage of energy from renewable sources by 2020. The Committee on Climate Change (CCC) and others have called for a ‘step change’ to deliver the new low carbon infrastructure required to meet these targets. The scale of investment needed is estimated to range between £200 billion and £1 trillion over the next 10-20 years.

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