Green Growth Event with Nick Clegg and John Cridland

Article by Fiona Harvey

The UK's green investment bank will be investing in UK low-carbon infrastructure projects within a year, and is expected to have assisted in injecting £15bn into the green economy within four years, Nick Clegg told a City of London audience on Monday.

The deputy prime minister cheered investors by setting out key concessions when announcing the details of the long-awaited new bank, the government's flagship green policy, which is intended to provide the capital to transform the UK to a low-carbon economy.

James Cameron, vice chairman of Climate Change Capital, the environmental investment manager and advisory group, said: "Today's announcement that the coalition is intent on quickly creating an effective and permanent green development bank, that will work over the long term in the UK national interest, is a major step forward. But, this is only the end of the beginning. Momentum has to be maintained so that investors can receive the signals they need to deploy capital at scale into Britain."

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Green Growth Event with Nick Clegg and John Cridland