European Commission allows UK government to open Green Investment Bank

In the UK, the European Commission has agreed to allow the UK government to establish The Green Investment Bank to lend to low carbon investment projects. Approximately $4.85 billion (£3bn) will be lent to low carbon projects that cannot find sufficient funding from commercial markets. The Green Investment Bank has implement safeguards to avoid conflicting with private investment and investments would likely be part of a partnership with private lenders or investors.