A so-called ‘Green Bank’ is expected to be unveiled during the 2010 Budget speech this week.
The Chancellor Alistair Darling has hinted that his annual report will reveal a government investment fund, to the tune of £2 billion, which will be established to help develop green technologies in the UK.
Britain’s burgeoning biofuels and renewable energy sectors are expected to benefit from the Green Bank initiative as money will be available to help buy machinery such as steel conveyors and chain and flight conveyors, as well as developing new systems.
Wind power facilities, biomass sites and eco-friendly waste management plants will all be given access to the bank, which will be part-funded by the government in collaboration with the private sector.
While many have called for the chancellor to make budget cuts, he told the BBC’s Andrew Marr Show yesterday, that it was essential for the government to kick start the progress in order to gain the financial support of the private sector.
"By providing an initial investment of government capital it will reduce the risk profile for investors and increase the incentive for the private sector to enter the market at the scale and pace needed," he told the broadcaster.
Conveyors – screw conveyors – chain conveyors – belt conveyorsJames Smith