Heading for a low carbon revolution?
Green Investment Bank could lead to low carbon revolution
Published: 25 March, 2010
LONDON: The UK Green Building Council welcomed the Government's commitment to a Green Investment Bank.
It said the new bank "could provide an ideal vehicle for implementing pay-as-you-save finance to allow householders to make energy efficiency improvements to their homes".
Paul King, chief executive of the UK Green Building Council added: "The bank could lead to a low carbon revolution. However, energy efficiency must not be a poor relation to high-profile issues like offshore wind and high-speed rail.
"Refurbishment of our homes and buildings offers the greatest cost-effective carbon savings, as well as alleviating fuel poverty and creating jobs. The bottom line is the less energy we consume, the less we need to produce or import from elsewhere.
"We welcome the commitment to a Green Investment Bank, but it's crucial that £2bn is just the start. The bank must leverage much higher sums from the private sector. Tens, if not hundreds of billions of pounds are needed to invest in our leaky homes and buildings alone."