With the Green investment bank in place to support large scale renewable investments and to reduce barriers and stumbling blocks all with the aim to improve the UK’s long term renewable infrastructure it’s no surprise that our infrastructure is now being mimicked across the globe. This is no surprise given it is commercial businesses that have the power to drive renewable energy sectors be it solar power panels, solar thermal, biomass or wind like no other sector.
How Will The GIB Help Us Meet Our 2020 Targets
With the ability to vastly reduce barriers for the installation of large scale renewable projects it’s now more than ever that the GIB’s powers will be needed as the country looks to substantially upscale it’s solar PV, thermal, biomass and wind generation offerings in an attempt to meet our EU 2020 obligations. While their has persisted an air of uncertainty over the last few months due to lack of government clarification, this was cleared up at the recent budget where the chancellor firmly but energy back into to the spotlight. While addressing concerns to get as much out of fossil fuels as possible he also expressed are clear desire to drive on the renewable power market. As such it can be expected that the GIB will begin investing and aiding large scale renewable projects in the coming months in an attempt to get the nations green efforts back on track.
A Framework That Is Now Copied Around the World
Due to it’s positive effect on the renewable market and the financing ability it brings to the businesses looking to make the switch it appears that many other countries have taken note with similar Green banks also being set up by other countries with a keen interest in cutting fossil fuel reliance. Where as previously businesses would have the ability to meet the financial constraints needed to switch to green energy they now have the ability to have large to proportional amounts of their investments met by the bank and thus further speed up their switch to a wind, biomass, solar powered future and more.
How Has The Bank Already Met UK Needs
The GIB has already invested in over 20 large scale projects which have provided the ability to cut 1000’s of tones of carbon from the UK environment. Working with many large investment firms they have cut red tape that would have previously held up wind , solar PV and biomass projects amongst others.
What Does The Future Hold For The Green Investment Bank
Due to it’s success thus far and the popularity of the framework the GIB is expected to remain a permanent fixture within the UK’s renewable sector. Thus the infrastructure will be in place to help service the UK upcoming 2020 renewable obligations which are being seriously scrutinized like never before due to in many opinions a lack of investment not only in such areas as wind, biomass, hydro, solar PV, solar thermal projects and more but also the under investment within the conventional energy market. As such any lack of investment on the conventional market thus carries importance over to the renewable sector as this industry is tasked with the long term plan to fill the void of the fossil fuel market. Thus the sector need to be ready to meet this demand.
Some previous related articles of interest:
Will the government and the DECC look to up investment within renewable energy
Will the UK and Ireland power sharing deal get the go ahead
The improving construction of solar cells