Green investment bank

Kiran Stacey

George Osborne reiterated today the UK government’s “determination to be the greenest government ever”. But given what we already knew, most of the new information contained in Wednesday’s Budget is set firmly against that agenda. Read more

My former colleague Fiona Harvey revealed last October that Chris Huhne’s plan for a green investment bank was being thwarted by Treasury officials, who wanted it to be more like a fund. Then in December Mr Huhne let the cat out of the bag in public when he admitted that the Treasury had won the battle and the new entity probably wouldn’t have the powers to issue bonds*.

Without leverage, the fund will only have £1bn to spend (plus £1bn from asset sales) rather than the £4-6bn demanded by the renewables industry.

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Kiran Stacey

There have already been some noises off between the UK government and the green energy industry over the green investment bank, the government’s proposed investment vehicle for funding clean energy projects. Apart from anything, many in the sector simply don’t think the £1bn promised by Chris Huhne, the energy secretary, is enough.
But another faultline opened up today at a briefing attended by both Sam Laidlaw, the chief executive of Centrica, and Huhne himself. Specifically, the pair seemed to be at odds over whether the green investment bank could be used to fund energy efficiency initiatives. Read more

Kiran Stacey

The chancellor has stopped speaking and the figures are in. But did the experts to whom this blog spoke earlier get what they wanted? Here are their responses. Read more

Kiran Stacey

George Osborne did not spend much time talking about the energy industry today, but the spending review contained some important new figures and policies. Here, then is the spending review – as far as it effects the energy industry – in numbers. Read more

Kiran Stacey

The green investment bank was never likely to be scrapped entirely in today’s CSR, but George Osborne’s announcement that it will receive only £1bn will dismay many environmentalists. As Greenpeace wrote for this blog, they wanted to see the bank receive at least £6bn.

Even yesterday, it was being reported that the bank would receive £2bn, so this will come as a major disappointment for green campaigners*. Read more

Kiran Stacey

to look like over the next four years. But what will George Osborne’s announcement mean for the energy industry? We asked a group of experts, industry insiders and campaigners to give us their view on the main things they want to hear from the chancellor. Here’s what they said. Read more

Kiran Stacey

Chris Huhne sped from his cabinet meeting this morning to address the European Future Energy Forum to send the message to investors that Britain is open for green business.

But will his warm words for the renewables industry and promises of solid government support mean much in tomorrow’s spending review? Not if a report in today’s Guardian is to be believed. Read more