"I believe our report has produced some radical and substantive policy recommendations and financing ideas... I hope this report and the thinking that has gone into it will provide a blueprint for the rapid establishment of a Green Investment Bank which will comprehensively address the market failures and barriers to investment we have identified. We have sought to answer all the key questions a new Government could sensibly ask about what the Green Investment Bank should and should not do, how it should be governed and how it could be set up."

Bob Wigley, chairman Green Investment Bank Commission

"Bob Wigley and his team have produced an important piece of work and I'd like to thank them for their efforts. Low carbon investment is a vital part of our economic recovery and the Green Investment Bank is part of ensuring that UK PLC can lead the world and reap full advantage from the transition to a genuinely competitive low carbon economy. Detailed proposals on the creation of a UK Green Investment Bank will be brought forward following the Spending Review."

Greg Barker, Energy and Climate Change Minister

"On the same day the Wigley report was published, the Carbon Trust has announced that seven major energy companies are investing millions into our offshore wind technology accelerator to cut the cost of offshore wind by 10 per cent. We are pleased to see the Wigley report has incorporated our ideas to increase private sector investment and has flagged our low carbon innovation and wider work with business as mission critical to delivering a low carbon economy.

Our offshore wind and other Carbon Trust work successfully leverages eight times as much private sector investment as we receive in public funding, resulting in hundreds of millions of pounds for the low carbon economy.

We will be working closely with the Coalition Government over the coming months as they carefully consider the options around a new Green Investment Bank."

Tom Delay, Chief Executive at the Carbon Trust

"It is important to recognise that the ETI is a private-public partnership involving major global industries - BP, Caterpillar, EDF, E.ON, Rolls-Royce and Shell - working with the UK Government as a Limited Liability Partnership and as such is not a quango. We invest in large scale engineering projects on a commercial basis and are not a grant giving body. In the last 18 months we have invested £60m in 24 technology development and demonstration projects and have another £100m of projects in development.

ETI projects are developing affordable, low carbon energy in offshore wind, marine, distributed energy, buildings, energy storage and distribution, carbon capture and storage, transport and
bioenergy. The investment from our private sector industrial members helps us to unlock expertise, experience, access to skills and manufacturing supply chains that would not otherwise be available.

The ETI investment approach is very much in line with the proposals in the report, which recommend that Government funding for low carbon innovation should be channelled through 'commercially structured investments' which would allow the UK to 'double or treble the private sector leverage, while doubling the pace of development.'"

Dr David Clarke, Chief Executive at the Energy Technologies Institute

"The Commission's report is consistent with our own analysis which finds that UK climate targets will not be achieved without robust government intervention. We strongly support the establishment of a Green Investment Bank to address market failures and rapidly scale up the delivery of a low carbon economy. If implemented quickly, this has the potential to be one of the cornerstone policies of the new government, leading to a more balanced and prosperous economy which the Chancellor underlined last week.

Capitalisation is rightly identified as one of the priority issues with bank levies and the EU Emissions Trading Scheme potential revenue streams. For the GIB to fulfil its exceptional potential, it will need capitalisation of around £2bn per year up to 2020. This could unlock hundreds of billions more in private capital investment to build the low carbon infrastructure that is so critical for our economic recovery and future competitiveness."

Peter Young, Chairman of the Aldersgate Group

"The BVCA has long argued that the private sector has a critical role to play to rebuild the country's economy, create jobs and meet our climate change commitments. It is clear as ever that to reach Britain’s targets, market and government forces must come together. Everyone recognises that instability harms investor confidence and drives private capital to other markets. For this reason it is absolutely imperative for the government to ensure a stable investment environment. Urgent action is required and the BVCA looks forward to further engagement to ensure a successful Green Investment Bank is created."

Simon Walker, Chief Executive of the British Venture Capital Association

"A Green Investment Bank is urgently needed to help finance the development of a low-carbon economy and create new jobs and businesses. It should be independent, funded by auctioning EU emissions trading permits, and focused on developing the UK's vast renewable energy potential and slashing energy waste. But we cannot afford to dither - the coalition must make setting up the Green Investment Bank a major priority."

Simon Bullock, Senior Economy Campaigner at Friends of the Earth

"While the measures outlined in the Wigley Report will act as a positive focal point for investment into renewable technologies, the volume of investment they are talking of delivering is a drop in the ocean compared to the levels which will be required. The top-line proposals are expected to generate £14bn of capital annually. The report states that £550bn is required over the next 10 years - an annual £55bn investment requirement. The GIB's annual £14bn is some £40bn per year short of the amount needed if the Government is to meet its legally binding climate change targets. We cannot expect one funding source to deliver all the investment required, but it does beg the question of where the rest will come from."

Chris Stubbs, Director at WSP Environment & Energy

"This a powerful report packed with new ideas on how to attract private capital to the UK. A Green Investment Bank could be a major new plank of the UK’s economic recovery strategy. To move beyond the cuts vs. spending debate we need political agreement on where public investment can help us grow and this report reflects the growing consensus that low carbon infrastructure should be top of the list. We hope the Chancellor will now be able to move forward to set the bank up and ensure that its capitalised at a level that it can really make a difference."

Matthew Spencer, director at the Green Alliance

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Envido

Envido

Envido is a leading UK provider of energy, carbon and sustainability solutions for private and public sector organisations. Our unique 'Opportunity-Technology-Change' solution covers carbon consultancy, programme management, and technology and behavioural change delivery that has already enabled our clients to save millions of £'s and CO2 through improved energy and carbon management. We have examples where clients have made energy savings of greater than 20%. If you want to get the most out of your energy and carbon reduction journey then Envido is the ideal partner. Contact us today for a free consultation. To learn more about Envido's energy, carbon and sustainability solutions, visit: www.envido.co.uk

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