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GIB receives 32 bids for hosting opportunity

The Green Investment Bank (GIB), a world first initiative to encourage private investment into green energy projects, has received 32 bids from cities in the UK willing to host the bank.

The city that wins the bid would need to be able to recruit and retain the staff, work closely with other parties involved in order to further develop investment projects, and ensure that the bank is cost effective.

The bank is important in helping the UK to meet its targets and the country needs to invest about £200 billion (€241 billion) into the energy sector by 2020 in order for technologies to become greener.

The GIB is to make sure market failures affecting green infrastructure projects are addressed so that areas under development are able to continue.

From April, the government also plans to invest in green infrastructure projects before gaining state aid approval. Non-domestic energy efficiency will be one of the priority sectors for UKGI, which will make available up to £100 million in the next financial year for commercial and industrial energy efficiency projects.

The cities that have bid to host the bank include:

Bicester
Birmingham
Brighton
Bristol
Cardiff
Chester
Cornwall
Coventry and Warwickshire
Derby
Durham
Edinburgh
Gloucester
Hull
Ipswich
Leeds
Leicester
Liverpool
London
Manchester
Milton Keynes
Newcastle
Norwich
Nottingham
Peterborough
Renfrewshire
Sheffield
Southampton
Stoke-on-Trent
Sunderland
Tees Valley
Torbay
Warrington

Business secretary Vince Cable says: ‘I am delighted that the Green Investment Bank has fired the imagination of so many public and private sector groups keen to host this world-first institution. They all have a role to play in helping the UK seize the benefits of a transition to a low carbon economy.’

The submissions will now be looked over by a review panel and then Cable will be advised before making his decision in March.