Spending review earmarks £1bn for green investment bank

Social investing received a boost yesterday (October 21st), when chancellor of the exchequer George Osborne announced £1 billion is to be spent on establishing a green investment bank.

Blane Judd, chief executive at the Chartered Institute of Plumbing and Heating Engineering (CIPHE), claims this is "great from the public's point of view and the environment's point of view".

The specialist suggests it will encourage both consumers and commercial stakeholders find ways to reduce their emissions, claiming: "Plumbing and heating engineers are at the front line of carbon saving."

And social investing should be supported by the move, which confirms the growing importance of green and ethical considerations when it comes to wealth management.

Corporate banking groups could also find the announcement has an impact on their professional activities, as the public becomes more aware of the need for ecologically-sound commercial practice.

Mr Osborne outlined the budget for the project, adding: "I hope much more will be raised from the private sector and the proceeds of future government asset sales." ADNFCR-2318-ID-800134203-ADNFCR