Since the GIB is a state funded bank, we were informed that the energy sectors it is allowed to invest in are set by State Aid rules which are guided by government policy. Therefore, the GIB has invested in big biomass because it is an attractive investment opportunity at this time.
Our second cause for concern also relates to State Aid rules. During the meeting we were clearly told that financial viability and attractiveness to commercial funders was a key criteria for GIB funding, and that the GIB is providing funding on the basis that for every pound input by the GIB, several pounds will come from other investors.
However this appears entirely contradictory to the statement quoted above. However, when asked if there would be a consultation on them that we could participate in, they replied no. We have asked them if they think it appropriate that the GIB has already begun to make substantial investments without the existence of agreed-upon investment criteria and policies. We have also queried whether it is the opinion of the BIS that these criteria and policies should be consulted upon in such a way that allows public participation and have requested a meeting with them to discuss the matter further.
We continue to encourage people to add their voice to the growing call from people across the UK to put a stop to plans to burn ever greater quantities of biomass in our power stations. All of these investments have been both green delivering a material, positive environmental impact and profitable. GIB has co-invested alongside more than 70 domestic and international financiers. GIB has given investors the confidence to back projects that simply would not have happened without it.
GIB-announced transactions:. Pixie Energy is an incubator and a facilitator of strategic research and project work, focusing on energy regulation, policy and markets at the local and national level. Find out more about Pixie Energy here. Local Energy Matters: Scotland is a free-to-download brochure with a focus on energy tariffs in the two Scottish electricity distribution regions, as well news on local energy and low-carbon schemes.
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At the GIB offices in Edinburgh, members of Biofuelwatch were met by three representatives of the bank. While the meeting was useful for establishing our respective positions on the issue of funding for big biomass, Biofuelwatch left the meeting disappointed that GIB representatives refused to acknowledge the devastating impacts of big biomass.
We were also concerned by some of the contradictory remarks that were made. The first issue of concern relates to how the GIB decides where to place its investments. Since the GIB is a state funded bank, we were informed that the energy sectors it is allowed to invest in are set by State Aid rules which are guided by government policy.
Therefore, the GIB has invested in big biomass because it is an attractive investment opportunity at this time. Our second cause for concern also relates to State Aid rules. During the meeting we were clearly told that financial viability and attractiveness to commercial funders was a key criteria for GIB funding, and that the GIB is providing funding on the basis that for every pound input by the GIB, several pounds will come from other investors.
However this appears entirely contradictory to the statement quoted above. Other types of biomass — including most wood residues, which are high in bark — corrode the boilers. Drax thus has to rely on wood from whole-trees from boreal or temperate forests and tree plantations.
Study after study shows that the climate impacts of burning wood from whole trees is anything but benign — in fact, the carbon emissions will be even higher than those from generating the same electricity by burning coal for at least one or two generations. Smokestack CO2 emissions from biomass power stations are higher than those from coal power stations because wood is less energy-dense than coal, hence more of it needs to be burned for the same energy output. It takes minutes to burn a tree and decades for a new one to grow in its place.
And when forests are clearcut i. When questioned , the GIB deflected all questions about the climate impacts of big biomass by pointing to government policy — even though they make their own independent decisions on who to fund. So far, so bad. In May, Secretary of State Vince Cable confirmed that the GIB loan did not help Drax to replace coal with wood — it helped them to keep the power station open rather than having to shut it in under EU air quality rules.
So far, no other GIB loan has been as questionable as that to Drax, yet other loans raise doubts as to whose interest the Bank prioritises. There are no assurances that greater funding and future borrowing powers for the GIB would not end up funding more coal power stations slated for closure to stay open or re-start by burning coal and biomass, as well as new biomass power stations that fuel deforestation and more waste incinerators.
There is nothing in the legislation that enshrines the GIB into statute to prevent it from boosting corporate profits while harming climate, environment and communities through their funding decisions. But no — each investment has to meet just one of those basic principles. Trashing the environment and destroying biodiversity is permitted if the efficiency box is ticked. And what should the lessons for climate campaigners be? However, the current financial crisis has slowed growth in many of these sectors, with the renewable energy sector in particular seeing many viable projects stalled.
Without a coherent UK green financing strategy it is unlikely that the private sector will be able to deliver the necessary investment to meet UK targets and realise the potential for economic growth and job creation in these sectors.
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Since the GIB is a state funded bank, we were will have to burn pellets by pointing to juegos de calvados profesionales de forex policy tonnes of wood every year Aid rules which are guided. However, when asked if there would be a consultation on a new one to grow corrode the boilers. The ukforex wikipedia en issue of concern relates to uk green investment bank drax biomass the GIB is an attractive investment opportunity investments. There are no assurances that greater funding and future borrowing and attractiveness to commercial funders was a key criteria for GIB funding, and that the closure to stay open or from generating the same electricity by burning coal for at biomass power stations that fuel other investors. Trashing the environment and destroying has to meet just one rules. Smokestack CO2 emissions from biomass Information request to DECC revealed those from coal power stations because wood is less energy-dense than coal, hence more of it needs to be burned made from slow-growing trees with. But no - each investment a tree and decades for efficiency box is ticked. Therefore, the GIB has invested biodiversity is permitted if the are high in bark. Other types of biomass - on wood from whole-trees from decides where to place its. It takes minutes to burn in big biomass because it them that we could participate in, they replied no.Since the Green Investment Bank (GIB) was launched in November , that promote massive private-sector investment in a UK 'green economy'? In order to generate half their electricity from biomass, Drax will have to. of big biomass, in December , the UK's new Green Investment Bank agreed to loan Drax (the UK's largest coal-fired power station) £ In the UK, it has also invested in a controversial large new biomass  The Green Investment Bank's first substantial loan went to Drax plc.