Budget 2011: Green Investment Bank to launch in 2012

THE renewable energy and low carbon industries received a shot in the arm today when the Chancellor confirmed the launch of a Green Investment Bank.

First mooted by his predecessor Alistair Darling in his Budget speech 12 months ago, the bank would support low-carbon investment where returns would normally be considered too long-term or risky for the market.

Mr Osborne said the Coalition would commit £2bn to the bank, in addition to the £1bn previously announced, from asset sales and underwritten by the Treasury.