Green Investment Bank Cleared by European Commission
(BBC News) The Green Investment Bank being set up by the UK government has been given the green light by the European Commission.
It ruled that the plan to lend for low carbon investment projects did not break Europe’s state aid rules.
Permission to use £3bn of government funds has been given for four years but may be withdrawn after that if lending markets open up to low carbon projects.
It is conditional on lending only to projects that cannot find sufficient funding from commercial markets.
…That includes offshore wind power generation, waste-handling plants, energy efficiency measures, biofuels, biomass, carbon capture and storage, marine energy and renewable heat generation. READ MORE