The Business Secretary Vince Cable has received bids from 32 cities across the UK, including London, wanting to host the Green Investment Bank (GIB).
The process for finalising the location of the GIB was announced last month with interested parties invited to self-assess against a common set of criteria, to demonstrate whether they would be an effective base for the GIB.
Business Secretary Vince Cable said:
“I am delighted that the Green Investment Bank has fired the imagination of so many public and private sector groups keen to host this world-first institution. They all have a role to play in helping the UK seize the benefits of a transition to a low carbon economy.”
The Green Investment Bank will play a key role in the Government’s move towards a green economy, complementing other green policies aimed at encouraging private sector investment into green infrastructure.
All the submissions will now be reviewed against the criteria by a review panel. Advice will then be put to Vince Cable who will announce his final decision next month.
The GIB is designed to accelerate private sector investment in the UK’s transition to a green economy. Offshore wind power generation, commercial and industrial waste processing and recycling, energy from waste generation, non-domestic energy efficiency and support for the Green Deal will be the first priority sectors for the Bank, subject to approval by the European Commission.
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