The U.K. government’s 3 billion-pound ($4.8 billion) Green Investment Bank will open in Edinburgh today, announcing two projects it’s supporting.
The institution, started with state money, is designed to spur investment in carbon-cutting technologies such as offshore wind power.
Business Secretary Vince Cable will announce that the bank is putting 8 million pounds into an anaerobic digestion plant in Teesside, northeast England, through fund manager Greensphere Capital. The plant will generate electricity from waste that would otherwise be destined for landfill. A further 5 million pounds will be paid to fit out Kingspan Group Plc’s buildings to make them 15 percent more energy-efficient, the Department for Business said. Kingspan manufactures low-energy products for the building industry.
“The Green Investment Bank -- a key coalition pledge -- is now a reality,” Cable said in an e-mailed statement. “It will place the green economy at the heart of our recovery and position the U.K. in the forefront of the drive to develop clean energy.”