Reacting to today’s announcement that Macquarie will be the new owner of the Green Investment Bank (GIB), Nick Molho, Executive Director of the Aldersgate Group, said:
“The GIB has added real value to the UK green infrastructure market through a focus on funding novel green infrastructure projects and crowding in additional private sector investment. We are pleased to see that Macquarie has committed to investing £3bn over three years to grow the GIB’s activities. This is a promising start – particularly combined with its recognition of the skills and expertise of GIB employees in both London and Scotland.
We call on Macquarie to honour these commitments and ensure the GIB plays its part in financing the green infrastructure that will be essential to delivering the UK’s climate and environmental policy objectives in the years ahead. Going forward, we also expect the GIB to continue to engage with stakeholders and report transparently on the impact of its green investments.”
Nick Molho added: “Now that the GIB has been fully privatised and the UK can expect to receive less funding from the European Investment Bank post Brexit, the government must ensure that it has a clear strategy in place to attract private finance to deliver its environmental and low carbon policy objectives. Projects involving new technologies and business models will be required to deliver the UK’s Clean Growth Plan and 25 Year Environment Plan. Targeted government support will be essential to make these projects attractive to private investors such as pension funds.”