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E.U.: Commission clears funding for UK’s Green Investment Bank

By  |  October 17, 2012
E.U.: Commission clears funding for UK’s Green Investment Bank

The European Commission (EC) has approved public funding of 3 billion GBP (around 4.8 billion USD) for the creation of The Green Investment Bank (GIB), which will invest in environmentally friendly projects. The GIB is conditioned to invest only in projects that do not obtain sufficient funding from markets. The GIB is also to play a crucial role in helping the UK reach its target of reducing carbon emissions by 2020. The EC’s investigation found that GIB’s concept foresees several safeguards to avoid the ‘crowding out’ of private sector investment and preserves a level playing field between competitors in the EU Single Market, the EC reports.

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