Green Investment Bank 'must be implemented properly' - 08/05/2012

A new mechanism to help business energy users access funding for environmentally friendly improvements needs to be well-thought through in order to be effective.

This is according to David Powell, climate campaigner at Friends of the Earth, who said the Green Investment Bank is in danger of becoming a "damp squib" if it is not established correctly.

He explained it needs to have access to a significant amount of money in order to help companies make the investments they need to become more eco-friendly and cut their gas and electricity bills.

If the Green Investment Bank works as intended, businesses across the country would have a great opportunity to access energy efficiency measures, renewable technologies and other green improvements, the expert said.

Mr Powell added: "This is a really pivotal time for the government - it is a massive decision to make, if they get it right the opportunities could be enormous."

Earlier this year, energy minister Charles Hendry said the institution will play a "vital role" in addressing issues that prevent UK enterprises from accessing the funding they need to go green and grow their business.

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