Green Investment Bank Commission Report
The BVCA Energy, Environment and Technology Board (EETB) - a group of leading UK-based investment practitioners in the low-carbon sector - applauds the efforts of the Green Investment Bank Commission, chaired by Bob Wigley, as they publish a report entitled "Unlocking investment to deliver Britain's low carbon future". The report, published today, identifies how the Green Investment Bank can address the investment barriers and market failures that are constricting investment into low-carbon technology and infrastructure.
Commenting on the report, Simon Walker, Chief Executive of the BVCA, said:
"The Commission's report recommends the creation of the Green Investment Bank and reinforces the core principles the BVCA outlined in its Green Investment Bank paperpublished in March. This marks the next step in implementing a well-designed Green Investment Bank that will facilitate and accelerate private sector investment and build public support for reaching Britain's low carbon, renewable energy and energy security targets.
The BVCA has long argued that the private sector has a critical role to play to rebuild the country's economy, create jobs and meet our climate change commitments. It is clear as ever that to reach Britain's targets, market and government forces must come together. Everyone recognises that instability harms investor confidence and drives private capital to other markets. For this reason it is absolutely imperative for the government to ensure a stable investment environment. Urgent action is required and the BVCA looks forward to further engagement to ensure a successful Green Investment Bank is created."
Tom Murley, Chairman of the BVCA's EETB, said:
"The process of creating the Green Investment Bank should begin immediately in order to reach Britain's climate commitments by 2020 and thereafter and to prevent short term market uncertainty. The report by the Green Investment Bank Commission correctly highlights the sense of urgency that surrounds the creation of the Green Investment Bank and proposes an appropriate scope. As investment practitioners, our view is that the Green Investment Bank should act as a central repository for government green funding programmes, replacing the existing fragmented approach. It should be a focal point of expertise and data to advise the government while maintaining its independence so that it can be managed on a commercial basis and provide a return for taxpayers. Given the global and national need to meet long-term targets for reduced carbon emissions, the opportunity to address short-term market failures and unlock the potential of Britain's low carbon economy is one that cannot be missed."
Notes to editor
- The BVCA's Energy, Environment and Technology Board (EETB) is a consortium of leaders from venture capital and private equity firms who invest across the spectrum of clean technologies, infrastructure and renewable energy projects and are dedicated to the stimulus for clean and sustainable energy jobs and economic development. The EET Board works to ensure the BVCA's engagement with Government and all other stakeholders accurately represents this segment. Collectively EETB members have over £10bn in funds under management; of which over £700m has been invested in UK companies, saving an estimated 4.2 million tonnes of CO2 p.a. while creating thousands of jobs. They have extensive experience of investing in green businesses and projects around the world and, with that experience, unique insight into the needs of the low carbon sector.
- The British Private Equity and Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has approximately 520 member firms, representing the overwhelming number of UK-based private equity and venture capital firms and their advisers.
- The BVCA's Energy, Environment and Technology Board (EETB) is comprised of the following firms: Amadeus Capital, Blackstone, Climate Change Capital, The Carlyle Group, Environmental Technologies Fund, Good Energies, Hudson Clean Energy, Hgcapital, Impax Capital, Riverstone Holdings, Scottish Equity Partners, Virgin Green Fund and Wheb Ventures.
- To read the paper entitled "Considerations for Creating a UK Green Investment Bank" published by the BVCA's Energy, Environment and Technology Board (EETB) on 19 March 2010, please click here