Green bank gets qualified backing

Over half of manufacturers expressed support for the Green Investment Bank, in WM's Green Survey. The initiative aims to offer financial support to boost private sector investment in green technology. Respondents praised the government's intent with many blaming poor access to finance for holding back green intentions. But the majority expressed doubts over how effective the Green Investment Bank would be in changing the situation. Just 9% of the 140 site managers who responded said they were convinced the Green Investment Bank will make it easier for them to invest. The Green Investment bank aims to boost private sector invetsment in low carbon projects and could launch from next April. Proposed powers include the bank offering to co-invest alongside other sponsors in sectors where available equity is limited. The co-investment proposals could aid renewable power and waste management projects where bank financing is limited the government said. The bank could have full borrowing powers by 2015-16 according to latest proposals. But the government's plans must now pass to the European Commission for approval.