GIB gains European backing

THE Green Investment Bank has won state aid approval from Europe just weeks ahead of its scheduled launch.

Chairman Lord Smith said yesterday’s approval by the European Commission was a “very important milestone” for the bank, which is expected to officially open its doors in Edinburgh at the end of November.

The GIB now has the green light to invest its £3 billion budget into green energy schemes, as long as these are “projects that could not obtain sufficient funding from the markets”, the commission said, adding that the GIB had “several safeguards to avoid the crowding out of private investment”.

Last month, the GIB announced the appointment of a chief executive, Shaun Kingsbury, as well as six new non- executive directors who will take up their positions on 29 October.

Lord Smith said: “This is excellent news and a very important milestone as we transition to a low-carbon economy and work to boost investment across the industry.

“We have already made significant progress in building our teams and the necessary infrastructure for the bank and we expect to be fully operational in the next few weeks.”