Centrica response - Green Investment Bank Commission report

Centrica response to Green Investment Bank Commission report

Centrica has issued the following statement in response to the Green Investment Bank Commission's report.

Sam Laidlaw, Chief Executive, Centrica said:

"The creation of a Green Investment Bank will make a significant impact on the delivery of the UK's renewable and carbon targets. Centrica is committed to investing £15 billion by 2020 in order to secure this country's energy supplies and meet challenging climate change goals. However, energy companies' balance sheets alone are unlikely to be sufficient to finance the £200 billion of infrastructure needed overall, so additional capital will be required.

"The GIB should act as a catalyst, unlocking investor support as well as bridging some of the financing gap involved in future offshore wind projects and the national roll-out of domestic energy efficiency.

"We believe the GIB objectives should be linked to meeting the targets set out by the Climate Change Act as this ensures a clear focus. However, it is important that the GIB plays a supporting role and does not crowd out private sector investment - energy companies and private investors are best placed to choose what to invest in."