On 23 May 2012, the Enterprise and Regulatory Reform Bill 2012-13 was published and introduced into Parliament. Part of the Bill enables the Green Investment Bank (GIB) to be set up. The GIB will invest public and private money in low-carbon projects. The UK will be the first country in the world to create a bank specifically dedicated to greening the economy. The GIB's priorities until 2016 are:
- Offshore wind power generation.
- Commercial and industrial waste processing and recycling.
- Energy from waste generation
- Non-domestic energy efficiency.
However, these objectives are subject to EU state aid approval, which is expected in late 2012. Pending EU state aid approval, the government has set up UK Green Investments (UKGI) within the Department for Business, Innovation and Skills (BIS), in preparation for the launch of the GIB.
The main relevant provisions of the Enterprise and Regulatory Reform Bill:
- Ensure that the GIB only engages in activities that contribute to achieving one or more of the statutory "green purposes".
- Require the Secretary of State to provide an undertaking to the GIB to ensure its operational independence from government