Environment roundup

Business Secretary, Sajid Javid has said that the government is to proceed with plans to bring private capital into the Green Investment Bank and start to move the bank into private ownership. The intention to bring in private capital was first announced at Autumn Statement in 2013. “The bank will still be green, still be profitable, still be a market-leader in financing environmentally sound infrastructure. But free from limitations on where it can borrow money and EU regulations on state aid, the bank will be able to access a much greater volume of capital,” he said. Since its inception in 2012, GIB has committed £2bn helped to finance 50 green infrastructure projects. 

Government is stopping funding for the Green Deal Finance Company due to “low take-up and concerns about industry standards.” Energy and Climate Change Secretary Amber Rudd said she will now “work with the building industry and consumer groups on a new value-for-money approach.”