Back in October 2012 Pager Power published a news article about how the UK would be opening a Green Investment Bank (UKGIB). Well with £3 billion of Government funding of the UKGIB was announced as open yesterday – 28th November 2012 – by Business Secretary Vince Cable.
Cable made the declaration whilst speaking in Edingburgh. He also revealed details about the first 2 projects that the UKGIB will be investing in.
The first project is the construction of an anaerobic digestion facility to dispose of waste in Teesside, for which £8 million will be given. It is predicted that this will present a financially attractive investment for a further £8 million from the private sector.
The second, will see £5 million used to refit new, “greener”, industrial manufacturing measures in the Welsh Kingspan’s Holywell factory. This will reduce the company’s emissions by a predicted 15%.