Funding news - 06/08/2012

Government Announces Fund for Green Investment

Dagenham-based firm Closed Loop Recycling is announcing plans to double its capacity, creating and safeguarding 100 jobs, in doing so forming the most advanced plastics purification facility in the UK.

Mr Clegg also announced Government contracts by UK Green Investments (UKGI), which is based at the Department for Business, Innovation and Skills, to provide £100 million of funding initially to specialist fund managers Equitix and Sustainable Development Capital (SDCL). The fund managers seek investment in NDEE projects worldwide, alongside UK Government funds. The Government investments will allow the opening of the UK Green Investment Bank (UK GIB), which is expected to be later in 2012 following state aid approval.

The announcements came in the Deputy Prime Minister’s speech opening the Government’s British Business Embassy on Energy at Lancaster House. The summit, focusing on energy, is among 18 global business summits being organised by UK Trade & Investment over the course of the Olympic Games.

The Deputy Prime Minister Nick Clegg commented:

"The UK is the sixth largest market in low carbon goods and environmental services and this Coalition Government is unreservedly committed to helping our low carbon sector thrive. We seek nothing less than a clean, green, low carbon economy. There is a global energy revolution underway. And the UK is not going to be left behind. We’re leading from the front. Together we find ourselves at the vanguard of one of the most dynamic, most innovative, most important industries of our time; an industry whose breakthroughs and endeavours will shape our societies for years to come; an industry that will help us build a more stable, more sustainable, more prosperous world."

For further information click here (link opens in new window).

Source: Department for Business, Innovation & Skills, 06/08/2012

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