UK cities keen to host 'green' bank

Cardiff, Bristol, Manchester, London and Liverpool have all expressed interest

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The Independent Online

More than 20 areas of the UK have expressed an interest in housing the headquarters of the new Green Investment Bank, which will help invest billions of pounds in "green" schemes, the Government said today.

Cities including Cardiff, Bristol, Manchester, London and Liverpool have said they would like to host the bank, with a decision on the location expected to be made next March.

Offshore wind power generation, commercial and industrial waste processing and recycling, energy from waste generation, non-domestic energy efficiency and support for the Green Deal will be the first priority sectors for the bank, subject to approval by the European Commission, it was announced.

Business Secretary Vince Cable said a new team - UK Green Investments - will be set up in his department to accelerate private sector investment in the green economy until the bank is established, and will have access to the £100 million made available by the Government to invest in smaller waste infrastructure projects.

He said: "There is a great opportunity for British businesses to lead the transition to a green economy and stake a claim on a sector that has massive potential for growth. I'm pleased to see that more than 20 places recognise the impact the Green Investment Bank could make, and are expressing an interest in being its home.

"I want to set up the bank as soon as possible, so it can start accelerating investments in these key sectors and help British companies take advantage of these opportunities.

"Setting out the priorities for the bank and establishing UK Green Investments for April 2012 are a major step forward."