Launch of the UK Infrastructure Bank marks important milestone for recovery and net zero

Reacting to the launch of the UK Infrastructure Bank, Nick Molho, Executive Director at the Aldersgate Group, said: “The creation of the UK Infrastructure Bank is a vital and strongly welcomed intervention at a time where the UK economy needs to recover from the disruption brought about by the pandemic and put itself on track for net zero emissions. The Bank has a key role to play in crowding in much needed private investment towards crucial and complex low carbon projects and industries, which can drive innovation, supply chain growth and job creation across the country. However, with the Committee on Climate Change [1] highlighting yesterday that the UK is poorly prepared to deal with the impacts from climate change, it is essential that the Bank also has climate adaptation and nature restoration as a key part of its mandate. It is also key that the Bank be set up as an enduring institution, with the flexibility to tackle different market failures over time as market conditions evolve and with a gradual increase to its capitalisation to ensure that it has the right financial firepower to carry out its mission effectively and tackle the significant market barriers ahead.”