The coalition British government has announced a world first. It plans to open a green investment bank which will invest in UK low-carbon infrastructure projects within a year, and will inject £15 billion ($US 24.2 billion) into the green economy within four years. It will have an independent board of governors, completely at arms' length from the government.
British deputy prime minister Nick Clegg says the bank will be able to borrow money in the capital market. That will encourage investors to put their money into wind farms and other energy efficiency schemes.
This is one of the most significant moves by any government. It stands in contrast to other countries like Australia convulsing over plans to introduce a carbon price and Obama ordering US government agencies to put economic growth ahead of sustainability.
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