Offshore wind and recycling projects will also get a share of £3bn of government funds
Financing the Green Deal and offshore wind projects will be among the top priorities for the government’s Green Investment Bank, business secretary Vince Cable announced today.
The Green Investment Bank will have access to £3bn of government funding to use in green projects from April next year, it will then be established as a stand-alone institution before gaining full borrowing powers to leverage private capital by 2015.
Alongside the Green Deal and offshore wind projects it will also prioritise investment in commercial and industrial waste processing and recycling, energy from waste generation and non-domestic energy efficiency.
Cable said: “I want to set up the bank as soon as possible, so it can start accelerating investments in these key sectors and help British companies take advantage of these opportunities.”
John Alker, director of policy at the UK Green Building Council, welcomed the Green Deal’s inclusion in the banks priorities. He said: “I think that money could be used to get the Green Deal finance company off the ground or get some Green Deal pilot projects built to get some best practice exemplars out there.”
Brian Berry, director of external affairs at the Federation of Master Builders (FMB), said it was important the money reached people who needed it “Unless there’s access for small and medium enterprises (SMEs) to get hold of that money then it could get swallowed up by the big providers,” he said.
In November the FMB reported that 57% of SME builders have had difficulty with their credit facilities in the last year.