Over at The Independent today, Lib Dem cabinet ministers Vince Cable and Chris Huhne argue that the Coalition Government’s plans to set up a Green Investment Bank, announced in the Budget, are of huge significance for establishing a successful green economy in this country. Here’s an excerpt:

… there is much to be decided about how this might work. Bob Wigley’s comprehensive review of the issue, published last week, sets out one possible model – a commercially independent bank given clear overarching goals for green investment in new technologies and infrastructure. Innovative green financial products could give an opportunity for individuals, as well as institutional investors, to take a stake in the infrastructure to support the new green economy. …

The coalition’s commitment is clear: to implement a full programme of measures to fulfil our joint ambitions for a low-carbon, eco-friendly economy. Over the next few years, we aim to put in place a framework that will provide the private sector with the confidence needed to invest billions of pounds here in Britain in the face of global competition. Investment in low-carbon technologies and infrastructure, from electric vehicles to new renewables to home insulation, will underpin economic growth for long-term prosperity and climate security. As prosperity is locked in for the long term, carbon must be permanently locked out.

You can read Vince and Chris’s article in full here.