Market Research Survey Questions Green Investment Bank on Power to Deliver Lower Carbon Targets

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22nd July 2013 12:44 - Utilities

A recent survey, conducted by Invest in Cornwall, shows that three fifths (61%) of respondents believe that the three billion invested in the Green Investment Bank (GIB) is not sufficient to accelerate the UK’s plans to become a low-carbon economy within the next five years.

According to GIB, four fifths (80%) of initial investments will be targeted at lower risk projects using existing technologies. However, survey findings showing that just a fifth (21%) of respondents agree with this current strategy.

More than half (57%), of those surveyed think that the government should do more to subsidise investment in low carbon technologies.

Julian German, Cornwall Council’s Cabinet Member for Economy and Culture, said:

"It would be welcome if the investment strategy adopted by the GIB evolved to adopt a greater focus on more innovative technologies, where we have the opportunity to develop genuine 'world firsts' that lead the renewables market in a new direction."

A GIB Spokesperson told Power Engineering International:

"GIB's mission is to make investments which are both green and profitable, and the sectors in which we do so are set by Brussels and agreed with the UK Government... We expect to use the £3.8bn that we have been given to fulfil this mission to mobilise additional private sector capital to contribute to the £200bn needed to help transition the UK to a low carbon economy."

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