Green Investment Bank advisory panel unveiled
Finance experts lined up to support the bank and Britain’s ‘transition to a green economy’
By CFOWorld.co.uk | CFO UK | Published 20:42, 01 September 11
A nine-strong panel of finance experts has been assembled to advise government ministers on how best to establish and develop its fledgling Green Investment Bank (GIB).
The bank’s chairman Sir Adrian Montague will lead the group, which includes the professor of economics and government Lord Stern, the former chairman of Shell UK James Smith and the UK vice president of the European Investment Bank Simon Brooks.
Sir Adrian worked with business secretary Vince Cable to find nine suitable candidates for the advisory panel, which will be involved in deciding the strategic direction of the bank, one of the key aspects of the coalition’s effort to promote sustainability.
“The group has wide-ranging credentials relating to energy and other environmentally important industries, hands-on financing experience and a deep understanding of infrastructure projects,” said Vince Cable. “We also have people with a background of starting up new credit institutions and managing a development bank.”
“They all bring a wealth of experience with them and I can’t wait to start work with the group during this critical and exciting time in the development of the Green Investment Bank,” Sir Adrian said.
The government’s Budget in March pledged that £3 billion would be poured into the GIB before 2015, at which point it is scheduled to gain full borrowing powers having been established as a standalone institution.
Each member of the advisory panel, including its chairman, will give their time to the project on a voluntary basis.
They will perform a consultancy role during what the government refers to as the GIB’s ‘incubation period’ and will not be making decisions on individual investments.
Read also - CFO World In Depth on prospects for the Green Investment Bank
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