According to the Sunday Times, under the Government's plans to fund a green investment bank, up to £2 billion of funding is being filtered from quangos. The Carbon Trust, set up to help businesses to cut energy use, is one of these quangos that is likely to be scrapped.
A report on the green investment bank is currently being compiled, which would provide funding for renewable energy projects. Under Britain's commitment to the Kyoto climate change protocol, it is estimated that £500 billion will be needed to be spent over the next 10 years. The existing green business organisations will be brought together to form the backbone of this bank.
Under the proposals, no new taxpayer money would go into the scheme, with £2 billion allocated from the existing groups. The report is expected to suggest that grants are replaced by loans which will mean that the money can be recycled from the same pot. Areas such as green subsidies will also come under review. Financial structures will be sought to support green investment, this includes the sale of 'green bonds' to the financial markets.
The Sunday Times article was dated 27th June 2010
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