GIG progress slows

The Green Investment Group (GIG) has published its first Progress Report following its privatisation, transfer to the Macquarie Group, and name change from the UK Green Investment Bank in 2017.

So far £1.6bn of capital has been invested or arranged for projects including 10 new transactions for waste-to-energy in the UK, onshore wind in Sweden, solar in India, offshore wind in the UK and onshore wind in the US.

Environmentally GIG states it has helped generate 85,000 GWh of energy, removed 17,000 kt CO2, and prevent the production of 16,000 kt of landfill waste from investments made in the last year.

Launched initially by the UK government in 2012 as the first institution of its type in the world, the results for investment are actually lower than the annual averages for the organisation – despite the growth in scale of operations. In part, this will be because projects have been exited and passed on for other operators – the purpose of the Group – but it does raise some concerns over the ‘green pipeline’ of future operations.

Dan Wong, chair of Green Investment Group and global co-head of infrastructure & energy commented: “Across Macquarie, green infrastructure is an increasingly prominent part of our business. From the launch of a £500 million green loan facility, the first to adopt internationally-recognised Green Loan Principles, as published by the Asia Pacific Loan Market Association in March 2018, to the application of GIG’s green ratings methodology to track the impact of all qualifying green balance sheet investments, GIG is a catalyst that is shaping the way the wider Macquarie Group does business.”

The report also includes detailed green impact reporting and details of GIG’s approach to monitoring, assessing and reporting on green impact.

Full Progress Report here.

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