The UK Green Investment Bank (GIB) has published, for the first time, its green investment policies. The bank has written to key stakeholders to invite their feedback.
GIB was launched in November 2012 with the mission of mobilising investment in the UK’s green economy. The bank has so far backed 21 green projects and committed over £700 million, activating a further £2 billion in private finance. These policies provide details of the bank’s framework for determining, assessing, managing and reporting the green impact of all its investments.
Speaking at the World Forum on Natural Capital in Edinburgh, Shaun Kingsbury, chief executive of GIB said:
“Publishing these policies is an important milestone for GIB. We are tasked with a double-bottom-line of being both green and profitable. These policies show how we have put our green commitment at the heart of our business model and how we assess, monitor and report on green impact at every stage of the transaction process.
“As the world’s first dedicated green bank we carry a special responsibility in this area. That is why we have published our investment policies and principles in such detail and with full transparency. In engaging openly with our stakeholders we hope to improve our own policies and strengthen wider industry practice.”
Shaun Kingsbury said: “Our definition of ‘green impact’ relates to five specific measures. :
1. Reduction of greenhouse gas emissions;
2. Advancement of efficiency in the use of natural resources;
3. Protection or enhancement of the natural environment;
4. Protection or enhancement of biodiversity; and
5. Promotion of environmental sustainability.
Every investment we make must contribute to at least one of these measures, and often contribute to more than one.”
He said: “Every GIB investment is subject to detailed green impact reporting, individually and collectively, in our Annual Report.”