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Green investment bank - proposals welcomed
The news that a green investment bank will be formed, with the powers to raise billions from green ISAs and other financial sources, has been welcomed by the Landed Estates and Rural Business Group at Saffery Champness. The green bank would replace some existing Government quangos including the Energy Saving Trust, the Carbon Trust and the Marine Renewables Deployment Fund, allowing existing public funds to be redirected towards the new bank.
The cost of reducing carbon emissions by 2020 has been estimated at £550 billion according to the commission tasked with examining how the green investment bank would operate. According to the commission, green ISAs alone could raise some £2 billion per annum. Added to this is the saving of some £180 million per annum, spent by the existing quangos, and public funding of about £2 billion per annum all of which would be redirected to the green bank. Shirley Mathieson, spokesperson for renewable energy, at Saffery Champness said; “ While the formation of the green bank is some way off, this sends a very positive message to developers of renewable energy projects; not only wind farm operators but also hydro power and biomass developers”.
“Large scale projects, in particular, wind farms in remote and off-shore locations, require very large investment and at present this is confined to the major utility companies. The green bank would act as a catalyst to attract private sector institutions and rationalise what is at present a very fragmented investment sector” say Shirley Mathieson.
“Landowners and farmers with suitable sites should be buoyed by the prospect of a green bank which would be a more rational single source of funding”, Shirley Mathieson concludes.
For further information, please contact: Shirley Mathieson, Saffery Champness (Inverness): 01463 246300 Mob: 07876 452282
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