RenewableUK says GIB must prioritise marine energy

RenewableUK has called on the Green Investment Bank (GIB) to do more to support marine energy.

Britain’s leading renewable energy trade association was responding to a question from Power Engineering International (PEi) on whether they were concerned with the results of a survey last week, which revealed great concern from experts on the strategy being pursued by the Green Investment Bank in developing the country’s green power generation.

John Lang of RenewableUK told PEi that the body felt GIB were performing well but also pointed out a failure to understand the importance of developing wave and tidal power.
“So far the Green Investment Bank has been doing a good job of building up a loan and investment book for projects in technologies they have highlighted as priorities, such as offshore wind.”

“However, the GIB has still not identified certain technologies, such as wave and tidal energy as a priority sector. RenewableUK has consistently urged the GIB to support marine energy, and we will continue to do so, as the UK is the world leader in the development of this ground-breaking technology”.

Last week the research, which was conducted by Invest in Cornwall, showed that just 21 per cent of experts surveyed believed that the GIB was correct in its strategy of targeting 80 per cent of its initial investments at lower risk projects using existing technologies.

In addition 61 per cent of renewables experts surveyed do not believe the £3bn invested in the Green Investment Bank (GIB) is sufficient to help accelerate the process.

A discussion surrounding the role of the Green Investment Bank is currently running on Power Engineering International LinkedIn Group, which you can join and participate in here.

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