Future economic growth 'driven by green social investment'

Social investment in green initiatives is key to future economic growth in the UK, a leading environmental charity has argued.

According to Friends of the Earth, the implementation of a green investment bank - an idea first pitched by the last Labour government - is central to encourage movement to a low-carbon economy.

’I think the biggest policy that the government should put in place is a green investment bank,’ remarked economy campaigner for the body Simon Bullock, noting the plan had been supported by the Conservative Party when Labour was in power.

He explained it is ’really important’ to have the bank established within a year, so it can begin providing finance to energy-efficient projects.

Mr Bullock also asserted the importance of the bank having sufficient capital, as without this it will not be able to ’leverage in millions of pounds of private sector investment’.

Chancellor George Osborne provided no fresh details relating to the green investment bank in the emergency Budget last week, stating only that the government is still committed to its formation.ADNFCR-2318-ID-19860206-ADNFCR