Sir Adrian Montague, non-executive chairman of 3i, has been appointed as chair the Green Investment Bank (GIB) advisory group, launched by Business Secretary Vince Cable today.
Also non-executive chairman of Michael Page International, Anglian Water Group and CellMark Investments, as well as non-executive director of Skanksa, Montague is a well known figure in the city.
Setting out his vision of the Green Investment Bank today, Cable also launched a progress report setting out more detail of its governance and business model.
Cable said, “This is an opportunity for the UK to lead the way in the transition to a low carbon economy with the world’s first dedicated Green Investment Bank. The GIB will become a key component of this transition which needs significant investment over the coming decades.”
He added, “I’m delighted that Sir Adrian Montague has agreed to chair the advisory group. He has a wealth of experience that will help with the strategic direction of the GIB.”
Cable said the bank’s mission will be to accelerate private sector investment, with an initial remit to focus on relatively high risk projects that are otherwise likely to proceed slowly or not at all.
His proposals will need to comply with state aid rules and as such be approved by the European Commission before the bank can be established.
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