The announcement that the Green Investment Bank (GIB) will go ahead, operate independently and be permanent, will provide confidence for those relying on its success, but timelines need to be better set out for it to succeed believes Nick Evans, partner at Bircham Dyson Bell.
"The Government has set out very flexible timelines which will see the bank being established by 2013 - and I'm concerned that the date may slip back," explains Nick Evans.
"There's an awful lot of green infrastructure required in the near future for the Government to come close to hitting its 2020 targets. Any more delays will reduce the sources of funding for projects that we need such as non-domestic energy efficiency projects, offshore wind farms and other green electricity generation."
"The announcement is positive after concerns that the Government wasn't fully behind the GIB; there is commitment to legislating so that the bank will become a permanent independent fixture. It will also be allowed to decide in future if it should apply for a banking licence, so it can be a real bank."
"There's only one commitment that's lacking and it's arguably the most important - timing. Without strict timelines, the Government's plans may fall behind the rest of Europe, and certainly behind its own targets to be the greenest government ever," concludes Nick Evans.
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