The Green Investment Bank is now ready to lend money for renewable energy projects from April 2012. Top priority will be given to the wind and biomass waste industries, which has raised some criticism from renewable experts. They say this favouritism will encourage certain renewable technologies whilst discouraging others.
However, with the government pumping £3 billion into the bank and a further £15 billion expected from private investment, most people are suggesting this scheme will be fantastic for Britain’s renewable energy industry.
As the UK looks to generate 15% energy by renewables by 2020 and 80% by 2050, the investment appears to have come at a good time. The wind sector is particularly reliable in Britain, which could explain the bank’s decision. There are hundreds of onshore and offshore wind farms around the country, with many more planned for the next decade.
The Green Investment Bank will employ between 50 and 70 people, but as of yet it’s undecided where it’ll be located. Some of the UK’s major cities including London, Edinburgh and Manchester have all applied, and the winner will be selected in February.
This investment into renewable energy should help the government’s targets of reaching 18GW of power by 2020. Initially it’ll be a case of making people aware of renewable energy and how investing can save you money in the long-term.
It’s not just in the wind and waste sectors that renewables can make a difference either. Solar panels and heat pumps are very popular for domestic installations, and despite the FiT cuts, homes can still generate free electricity for 25 years.
The government’s fascination with renewable energy is to try and replace the fossil fuels of coal, gas and oil. Burning these three for energy creates carbon dioxide, which in turn causes global warming. So by installing renewable technology you’ll be helping the environment and saving money for years to come.