Green Investment Bank to operate by September 2012

The Green Investment Bank should be operational by September 2012 according to a set of deadlines outlined in a new government plan on climate change.

Chris Huhne, Deputy Prime Minister, launched the Carbon Plan today which sets out a strict timeframe on a range of low-carbon economy initiatives by the government.

According to the plan, the deadlines have been set to help the government “live up to its green ambitions” and “meet tough domestic carbon targets”.

Annual data on the Green Investment Bank funds and investments is slated to be published in May 2012.

The government will provide £1bn funding for the bank as part of efforts to make the UK a leader in the low-carbon economy.

The Carbon Plan also stated that the contract for the first UK Carbon Capture and Storage demonstration should be awarded before May 2012.

Up to £1bn of capital funding has been made available for the first CCS demonstration project – making it the largest publicly funded CCS project in the world.

Paul King, chief executive of UK Green Building Council, welcomed the new carbon plan.

He said:”The emphasis on our built environment is quite striking, in terms of the role that our homes, communities and businesses can play in reducing emissions.

“Buildings offer almost twice the cost-effective carbon reduction potential of any other sector. Reductions here can be made in a way that has economic benefits and provides for a higher quality of life for householders and building occupiers.”