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Report by the Green Investment Bank Commission - Give us £550bn to waste, now.

Unlocking investment to deliver Britain’s low carbon future
Report by the Green Investment Bank Commission

The scale of the investment required to meet UK
climate change and renewable energy targets is unprecedented,
with estimates of investment required reaching
£550 billion between now and 2020. In contrast, only
£11 billion was invested in Britain’s “dash for gas” during
the 1990s, which was considered transformational at the
time.
The Commission has identified a number of market
failures and investment barriers in financing low carbon
infrastructure, which have led it to conclude that, without
intervention, the UK’s low carbon targets will not be
achieved:...
In addition to ensuring the UK meets its legal decarbonisation
targets, the case for intervention is supported by a
number of arguments including:
• Ensuring energy security and future growth;
• Reduction of exposure to high and volatile fossil fuel
prices;
• Creation of a large number of new businesses and jobs;
• Underlying externalities and market failures.
The Commission recommends that the GIB be established
“to support the delivery of the UK’s emission reduction
targets as set by the Climate Change Act 2008. The support
should be based on a public-private investment model
The Commission recommends that:
• The Bank should be commercially independent and
therefore not accountable to ministers or to Parliament
for individual investment and lending decisions. This is
a prerequisite for building credibility with the markets.
It also should limit direct public liabilities by placing GIB
liabilities off the Government balance sheet.
Some argue that good government policies and waiting
for the financial market to return to “normal” after the credit
crunch will be enough to deliver the necessary investment. We
disagree. Even a return to the “old normal”, which is not likely,
would not accommodate the unprecedented scale, urgency
and nature of the challenge. The only sensible plan given the
conclusion of the Stern Review is to act now to facilitate the
required investment needed to safeguard our future.

Just say "No"

No to the lot of it, No to these placemen angling for cushy quango jobs, No to the flawed economics, No to the implicit compulsion, No to our taxes being splurged. No to the utter madness of the whole idea.

UPDATE:
The members of the Green Investment Bank Commission are:
Bob Wigley (Chair), Chairman, Yell Group plc
James Cameron, Executive Director and Vice-Chairman, Climate Change Capital
Mark Ferguson, Chief Investment Officer, Generation Investment Management
Katherine Garrett-Cox, Chief Executive, Alliance Trust plc
Seamus Keating, Chief Financial Officer, Logica plc
Nick Mabey, Chief Executive, E3G

The members of the Advisory Panel are:
Ben Caldecott, Climate Change Capital
Sean Hanafin, Citibank
Ingrid Holmes, E3G
Abyd Karmali, Bank of America Merrill Lynch
Miriam Maes, Foresee Ltd
Shaun Mercer, Carlyle Group
Tom Murley, Hg Capital
Davide Taliente, Oliver Wyman
James Wardlaw, Goldman Sachs
Arran Yentob, Oliver Wyman

All disinterested observers of Green Investing....

Comments

Generation Investment Management is of course Tosser Gore's outfit:
http://www.larouchepac.com/pages/otherartic_files/2007/0312_blood_gore.shtml
on Oct. 30, 2006, Al Gore went back to work for the government: the British government! At a high-profile press conference, releasing a 700-page report on climate change by British government economist Sir Nicholas Stern, British Chancellor of the Exchequer Gordon Brown, the heir-apparent to outgoing Prime Minister Tony Blair, announced that he had "hired" Gore to "advise the British government on climate change." The Stern report on the "economic" consequences of global warming had all the credibility of another 10 Downing Street "policy" document ... over the long run, could have far more deadly consequences than the earlier Blair black propaganda screed on Iraq WMD.

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