25th June, 2013

In its first five months of operation the Green Investment Bank (GIB) committed £125 million to the Green Deal and leveraged a further £56 million in private investment, resulting in a total investment of £181 million in the government’s flagship energy efficiency scheme. The Green Deal received the highest amount of initial investment ahead of any other project within the GIB’s other two priority sectors: offshore wind and waste. Non domestic energy efficiency projects received £150 million from the GIB, with a further £150 million of investment leveraged on top of this. The bank has raised a total of £2.3 billion investment on its commitment of £635 million, resulting in a ratio that sees £1 of GIB funding mobilising almost £3 of private sector money.

Commenting on the figures, John Alker, director of policy and communications at the UK Green Building Council said: “It’s great to see the money start flowing from the Green Investment Bank into the low-carbon sector and particularly energy efficiency. Its investment in the Green Deal is absolutely essential to get the market up and running.”

Government figures show almost 19,000 households have gone through Green Deal assessments since the initiative was launched in January. By the end of April 18,861 Green Deal assessments had been undertaken, up from 9,294 the preceding month. Industry engagement has also grown with Green Deal Assessor numbers growing by 44 in April, to 152 and Green Deal Advisor numbers growing by 271 to 1274. £85.5 million worth of contracts have been let through the Energy Company Obligation to date.

Story Source:BRE Retrofit Briefing, May 2013, Volume 1, Issue 5

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