GIB sold to Australian bank
- Business & Industry ,
- Public sector ,
- Central government ,
The government has confirmed the sale of the Green Investment Bank to Macquarie.
The Australian financial services business, which paid £2.3bn (£1.7bn to buy the bank, with a further £600m to fund existing projects), promised to invest at least £3bn in the green economy over the next three years.
The bank has invested £3.4bn since it was established in 2012 to fund green infrastructure projects.
‘This deal gives us the best of both worlds,’ said climate change minister Nick Hurd. ‘We have secured fair value for the UK taxpayer. GIB has a well-funded new owner that is committed to the bank’s green mission, with a track record of success in green investment and an ambition to grow the business.’
Macquarie pledged to maintain the bank’s green purpose and objectives. Under the deal, the organisation’s aims will be safeguarded by five independent trustees who will hold special shares. They include James Curran, former chief executive at the Scottish Environment Protection Agency, Peter Young, environmentalist and former chair of the Aldersgate Group and Trevor Hutchings, director of advocacy at WWF.
A spokesperson for the trustee group, known as the Green Purposes Company, said it looked forward to working constructively with Macquarie to ensure that the bank continues to play a leading role in supporting green investment. ‘We expect GIB to continue to act both in compliance with, and in the spirit of, its green objectives,’ he said.
Lord Smith of Kelvin, independent chair of the bank, said: ‘GIB in private ownership can, and should, continue to play an important leadership role in supporting the global low-carbon transition and the UK government’s ambitious plans for a strengthened industrial strategy and emissions reduction.’
Macquarie, which claims to be the world’s largest infrastructure investor, said the GIB’s Edinburgh office would be home to a new revenue-generating project delivery business. It will provide services to the green energy portfolios of the GIB and the company in the UK.
In Elliott-Smith v Secretary of State for Business, Energy and Industrial Strategy, the claimant applied for judicial review of the legality of the defendants’ joint decision to create the UK Emissions Trading Scheme (UK ETS) as a substitute for UK participation in the EU Emissions Trading Scheme (EU ETS).
None of England’s water and sewerage companies achieved all environmental expectations for the period 2015 to 2020, the Environment Agency has revealed. These targets included the reduction of total pollution incidents by at least one-third compared with 2012, and for incident self-reporting to be at least 75%.
Global greenhouse gas emissions from agriculture are projected to increase by 4% over the next 10 years, despite the carbon intensity of production declining. That is according to a new report from the UN food agency and the Organisation for Economic Co-operation and Development (OECD), which forecasts that 80% of the increase will come from livestock.
Half of consumers worldwide now consider the sustainability of food and drink itself, not just its packaging, when buying, a survey of 14,000 shoppers across 18 countries has discovered. This suggests that their understanding of sustainability is evolving to include wellbeing and nutrition, with sustainable packaging now considered standard.
Billions of people worldwide have been unable to access safe drinking water and sanitation in their homes during the COVID-19 pandemic, according to a progress report from the World Health Organisation focusing on the UN’s sixth Sustainable Development Goal (SDG 6) – to “ensure availability and sustainable management of water and sanitation for all by 2030”.
New jobs that help drive the UK towards net-zero emissions are set to offer salaries that are almost one-third higher than those in carbon-intensive industries, research suggests.
IEMA has today urged the UK government to focus on developing green skills and expertise across business, industry and civil society following the publication of an alarming report from the Climate Change Committee (CCC).