We're not sure this will be the saviour of the global economic crisis, but we like the sound of green banks. And if done well, it could place Britain among the top when it comes to creating a sustainable future for the world.
The first Green Investment Bank is designed to accelerate private sector investment in 'green' projects and is expected to employ 50 to 70 full-time staff across its two sites in London and Scotland. The bank's headquarters will be in Edinburgh, while the main transaction team will be based in the City of London.
Business secretary Vince Cable said: 'This decision will allow the GIB to operate effectively and achieve its mission of mobilising the additional investment needed to accelerate the UK's transition to a green economy.'
The state-owned bank will get £3 billion in public funds to help companies fund clean energy schemes and encourage private sector investment in similar projects. The Government said it will invest in green infrastructure projects from April, which include 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 GIB, subject to approval by the European Commission.