The Green Investment Bank project will evolve over two phases, preceded by a programme of preliminary Government investment in green infrastructure.
- October 2011 Preliminary programme: UK Green Investments – In advance of the establishment of the UK Green Investment Bank, the Government will begin investing funds directly into appropriate environmental projects. The programme will be managed by BIS’s UK Green Investments team.
- Autumn 2012 onwards UK GIB Establishment – the Bank will be established as a stand-alone institution following state-aid approval. It is expected that state aid approval will be granted by autumn 2012.
- April 2015 onwards UK GIB Full borrowing powers – these will be available from April 2015, subject to public sector net debt falling as a percentage of GDP and state aid approval being granted.
Other key milestones are:
- May 2012 - UK GIB company was incorporated as a public company;
UK GIB legislation was introduced in the House of Commons, as part of the Enterprise and Regulatory Reform Bill;
UK GIB Board formed, with the appointment of the Chair and Senior Independent Director. UK GIB company was incorporated as a public company.