The U.K. tripled funding for a new Green Investment Bank and allowed it to raise money, Chancellor of the Exchequer George Osborne said, meeting a demand made by lawmakers who said the measure was needed to spur carbon cuts.
The bank will be able to begin operations in 2012, a year earlier than planned, Osborne said today in his second budget since his Conservative Party came to power last year in a coalition with the Liberal Democrats. From 2015, it will be allowed to borrow money, he said. Osborne in October earmarked 1 billion pounds ($1.6 billion) to capitalize the institution.
