The government's pledge for a new green investment bank will on its own be "too low" to have an impact on efforts to boost the low carbon economy, an environmental expert has argued.
The institution proposed by ministers needed to be an independent bank in order to raise billions of pounds from private investors, the expert added.
In the Comprehensive Spending Review, chancellor George Osborne revealed there would be £1 billion in government funding for the green investment bank.
However, analysis for the Aldersgate Group of companies and green organisations has estimated that £4 billion to £6 billion in public and private funding is needed over the first four years if the bank is to serve its intended function.
Philip Wolfe, director of the Aldersgate Group, observed that £1 billion alone without being topped up from any additional proceeds is "in danger of being at a level where it can scarcely make enough difference to have the impact that is intended".
Green investment bank pledge is too low, warns expert
Green investment bank pledge is too low, warns expert
Thu, 28 Oct 2010
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