The British government set up the Green Investment Bank, the world's first low-carbon bank, in Edinburgh, Scotland. With $4.8 billion on hand, the bank will play what London said was a "vital role" in stimulating private investments in the green energy sector.
GIB Chief Executive Officer Shaun Kingsbury told The Guardian newspaper in London the bank was aiming to attract another $24 billion in private investments in green energy plants, energy efficiency and carbon capture by 2015.
Scottish Energy Minister Fergus Ewing touted his green-energy record as reason for sound investments.
"Edinburgh is the only location in the U.K. to bring together both finance and the clean energy industry in a single location, and has an unrivaled concentration of industry skills and experience," Ewing said in a statement. "That's why the Green Investment Bank is headquartered here and it's why our projects will lead the way when the bank awards funding."
His government formed a management team aimed at supporting Scotland's efforts to secure funding from the GIB.
Scotland aims to generate 100 percent of its electricity needs through low-carbon projects by 2020.
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