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July 1, 2010

Green Investment Bank gets Martek Marine backing

by Richard Kilner

Story link: Green Investment Bank gets Martek Marine backing

The MD of Martek Marine, the green technology specialists, Paul Luen, has backed the proposed UK Green Investment Bank (GIB).

The Green Investment Bank would help finance renewable sources of energy using private and public funds to promote the green agenda.

Luen has said that the GIB could fund major infrastructure projects such as wind farms and nuclear power stations, and also put money towards less dramatic but equally green initiatives such as enhancing the energy efficiency of homes.

The proposals for the GIB have come from a number of experts led by Bob Wigley, formerly chairman of investment bank Merrill Lynch.

The commission reported that meeting renewable targets posed an unprecedented challenge, with government estimates indicating the costs of a low-carbon infrastructure could hit £550bn by 2020, and exceed £1 trillion by 2030.

Gregory Barker, minister of state for climate change, has stressed that the Coalition Government is completely behind the need for a low-carbon economy, describing the GIB as an important part of the transition.

Last year the World Bank called on developed economies to take drastic action to reduce their carbon footprints through the swift development of alternative sources of energy.

World Bank President Robert B. Zoellick urged the world to rapidly collaborate in a bid to combat climate change and to help support poorer countries.

 

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