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U.K. Green Bank Plans to Allocate $4.8 Billion by 2015

(Bloomberg)

The U.K. Green Investment Bank may allocate all of the 3 billion pounds ($4.8 billion) provided by the government to stimulate investment in clean technology by as early as 2015, Chief Executive Officer Shaun Kingsbury said.

The bank is prioritizing offshore wind, waste treatment, recycling, energy from waste and energy efficiency, though it isn’t targeting spending specific amounts in each of those areas, Kingsbury said in a phone interview. It allocated 188 million pounds since announcing its first deals on Nov. 28.

“We feel confident that in the next two to three years we can commit that capital,” Kingsbury said of the 3 billion pounds. “There is an opportunity for that.”

The bank is part of the U.K.’s efforts to stimulate the renewable energy projects and carbon reductions required to meet its binding targets of deriving 15 percent of all energy from renewables by 2020 and cutting emissions by 34 percent in 2020 from 1990 levels.

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