The UK Green Investment Bank (GIB) has today published, for the first time, its green investment policies. The bank has written to key stakeholders to invite their feedback.
GIB was launched in November 2012 with the mission of mobilising investment in the UK's green economy. The bank has so far backed 21 green projects and committed over £700 million, mobilising a further £2 billion in private finance.
These policies provide details of the bank's framework for determining, assessing, managing and reporting the green impact of all its investments.
Speaking at the World Forum on Natural Capital in Edinburgh, Shaun Kingsbury, chief executive of GIB said:
Publishing these policies is an important milestone for GIB. We are tasked with a double-bottom-line of being both green and profitable. These policies show how we have put our green commitment at the heart of our business model and how we assess, monitor and report on green impact at every stage of the transaction process. As the world's first dedicated green bank we carry a special responsibility in this area. That is why we have published our investment policies and principles in such detail and with full transparency. In engaging openly with our stakeholders we hope to improve our own policies and strengthen wider industry practice.
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Notes to editors
The UK Green Investment Bank was launched in November 2012. With £3.8 billion of funding from the UK Government, it is the first bank of its kind in the world. It is a 'for profit' bank, whose mission is to accelerate the UK's transition to a greener economy, and to create an enduring institution, operating independently of Government.