Press
Onzo: Darling's green investment bank is a missed opportunity
Onzo today dismisses “as a missed opportunity” Chancellor Alistair Darling’s plans for a £2 billion green investment bank to fund low-carbon environmental projects.
Joel Hagan, the Chief Executive of Onzo, said:
“Enormous investment is required to tackle climate change and convert to a low carbon economy. However, by only investing in large environmental projects such as off-shore wind farms, the Government is missing out on a major opportunity for the UK plc to benefit from British companies’ innovation skills.
“It is crucial that the bank considers smaller scale investments as well as the huge ones needed for major infrastructure projects such as generation. The UK has, after all, traditionally been strong in innovation but we have already lost leadership in some sectors to other countries. “
Alistair Darling used today’s budget statement to announce the creation of a green investment bank which will control £2bn of equity. The money will help companies to invest in green transport and sustainable energy, starting with offshore wind turbines.
Half of this fund’s equity will come from the sale of existing state assets, such as the channel tunnel rail link, and the other half will come from private investors.
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