Corporate

UK Green Investment Bank to explore potential role in UK's International Climate Fund

12 Jun 2014

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The UK Green Investment Bank (GIB) is working with the UK Department for Energy and Climate Change and the Department for International Development to explore its potential to assist in the investment of the UK’s International Climate Fund (ICF). The ICF provides support to projects in developing countries that will mitigate climate change.        .

Shaun Kingsbury, chief executive said:

"We are pleased to be working with the UK Government to explore the role that we could play in assisting the UK to deploy its support for developing countries in their efforts to mitigate the effects of climate change.

“In the 18 months since we began operations we have worked hard to build a business model based on making commercial investments in green infrastructure projects while mobilising other private capital. We believe this approach could work well in other parts of the world while giving us experience of innovative new projects and funding models which could benefit the UK.

“The commitment at this stage is to explore options through the development of a business plan. We would only proceed if we are confident that this additional responsibility is complementary to and in no way compromises our core mission to build a greener, stronger economy in the UK."

The UK Government has published a Written Ministerial Statement confirming the details. It has also published a related study on Delivery options for the International Climate Fund which recommended the approach